Form 8-K
8-K — METLIFE INC
Accession: 0001099219-26-000048
Filed: 2026-08-05
Period: 2026-08-05
CIK: 0001099219
SIC: 6311 (LIFE INSURANCE)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — met-20260805.htm (Primary)
EX-99.1 (ex991earningsreleasetables.htm)
EX-99.2 (ex992qfs8kdoc.htm)
EX-99.3 (ex993totalaum.htm)
EX-99.4 (ex994earningscallpresent.htm)
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8-K
8-K (Primary)
Filename: met-20260805.htm · Sequence: 1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 5, 2026
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-15787 13-4075851
(Commission File Number) (IRS Employer Identification No.)
200 Park Avenue, New York, NY 10166-0188
(Address of Principal Executive Offices) (Zip Code)
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 MET New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01 MET PRA New York Stock Exchange
Depositary Shares, each representing a 1/1,000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E MET PRE New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F MET PRF
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 5, 2025, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended June 30, 2026 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended June 30, 2026 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of June 30, 2026 (the “Total AUM Fact Sheet”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K. The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet.
Item 7.01 Regulation FD Disclosure.
On August 5, 2026, MetLife, Inc. issued an earnings call presentation for the quarter ended June 30, 2026 (the “Earnings Call Presentation”), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The presentation highlights information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement, as well as other prior public disclosures. The Earnings Call Presentation is furnished and not filed pursuant to instruction B.2 of Form 8-K.
Item 8.01 Other Events.
On August 5, 2026, MetLife, Inc. announced that its Board of Directors approved a new $3.0 billion authorization to repurchase its common stock.
The text of Item 2.02 above with respect to the Total AUM Fact Sheet is incorporated herein by reference.
2
Item 9.01 Financial Statements and Exhibits.
99.1
Earnings Release dated August 5, 2026
99.2
Quarterly Financial Supplement for the quarter ended June 30, 2026
99.3
Total AUM Fact Sheet as of June 30, 2026
99.4
Earnings Call Presentation for the quarter ended June 30, 2026
101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METLIFE, INC.
By: /s/ Adrienne O'Neill
Name: Adrienne O'Neill
Title: Executive Vice President and
Chief Accounting Officer
Date: August 5, 2026
4
EX-99.1
EX-99.1
Filename: ex991earningsreleasetables.htm · Sequence: 2
EX 99.1 Earnings Release & Tables
Page 1 of 25
Exhibit 99.1
For Immediate Release | Global Communications | MetLife, Inc.
MetLife Announces 2Q 2026 Results
Strong business momentum continues under New Frontier strategy
•Net income increased 1%1 to $705 million, or
$1.09 per share.
•Adjusted earnings increased 15% to $1.6 billion,
driven by favorable underwriting and volume
growth.
•Adjusted earnings per share increased 20% to
$2.43.
•Premiums, fees and other revenues (PFOs)
increased 7% to $13.7 billion.
•Adjusted PFOs, excluding pension risk transfers
(PRT), increased 5% to $13.0 billion, with
widespread growth across every operating
segment.
•Net investment income up 18% to $6.7 billion.
•Book value per share (BVPS) up 8% to $38.59,
adjusted BVPS up 3% to $57.71.
•Returned over $1.1 billion to shareholders via
share repurchases and common stock dividends.
•Holding company cash and liquid assets totaled
$3.4 billion at quarter end, within our target range.
•Adjusted return on equity of 17% for the second
straight quarter, at the top of our range.
•Group Benefits adjusted earnings up 25% to
$503 million.
•Retirement and Income Solutions adjusted
earnings up 2% to $377 million.
•Asia adjusted earnings up 21% to $420 million.
•Latin America adjusted earnings up 15% to
$268 million.
•EMEA adjusted earnings up 8% to $108 million.
•MetLife Investment Management adjusted
earnings up 6% to $57 million.
Earnings
Per Share
2Q 2026
Net
Income $1.09
Adjusted
Earnings $2.43
Return
on Equity (ROE)
2Q 2026
ROE 11.5%
Adjusted
ROE 17.0%
Comment from Michel Khalaf, President
and Chief Executive Officer:
MetLife delivered an excellent second
quarter. Adjusted earnings per share rose
20 percent, powered by strong
underwriting and broad volume growth.
Our New Frontier strategy is working.
Disciplined execution is driving balanced
growth and generating attractive returns,
with adjusted return on equity at 17
percent year-to-date.
Our scale, diversification and financial
strength set MetLife apart, and this quarter
further reinforces our ability to create value
for shareholders across cycles, while
keeping customers at the center of
everything we do.
1In this news release, all comparisons of results for the second quarter of 2026 are with the second quarter of 2025, unless otherwise noted.
Page 2 of 25
Second Quarter 2026 Summary
($ in millions, except per share data)
Three Months Ended
June 30,
2026
2025
Change
Premiums, fees and other revenues
$13,652
$12,748
7%
Net investment income
6,702
5,661
18%
Net investment gains (losses)
(428)
(273)
Net derivative gains (losses)
(772)
(796)
Total revenues
$19,154
$17,340
Adjusted premiums, fees and other revenues
$13,524
$12,719
6%
Adjusted premiums, fees and other revenues, excluding pension risk
transfers (PRT)
$13,014
$12,391
5%
Market risk benefit remeasurement gains (losses)
$270
$277
Net income (loss)
$705
$698
1%
Net income (loss) per share
$1.09
$1.03
6%
Adjusted earnings
$1,573
$1,362
15%
Adjusted earnings per share
$2.43
$2.02
20%
Adjusted earnings, excluding total notable items
$1,573
$1,362
15%
Adjusted earnings, excluding total notable items per share
$2.43
$2.02
20%
Book value per share
$38.59
$35.79
8%
Adjusted book value per share
$57.71
$56.23
3%
Expense ratio
21.7%
19.8%
Direct expense ratio, excluding total notable items related to direct
expenses and PRT
12.1%
11.7%
Adjusted expense ratio, excluding total notable items related to
adjusted other expenses and PRT
20.8%
19.8%
ROE
11.5%
11.7%
Adjusted ROE
17.0%
14.6%
Adjusted ROE, excluding total notable items
17.0%
14.6%
Information regarding the non-GAAP and other financial measures included in this news release
and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP
and Other Financial Disclosures” below and in the tables that accompany this news release.
Supplemental slides for the second quarter of 2026, titled “2Q26 Earnings Call Presentation,”
are available on the MetLife Investor Relations website at https://investor.metlife.com and in the
Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection
with this earnings release. Supplemental information about MetLife's diversified global
investment portfolio is contained in the "2Q26 - General Account Assets Under Management
Fact Sheet," available on the above-mentioned website.
Page 3 of 25
Total Company Discussion
Premiums, fees and other income were $13.7 billion, up 7 percent compared with the prior-
year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers,
were $13.0 billion, up 5 percent.
Net investment income was $6.7 billion, up 18 percent, primarily due to increases in the
estimated fair value of certain securities that do not qualify as separate accounts under GAAP.
Adjusted net investment income was $5.6 billion, up 7 percent, reflecting asset growth and
investing in a higher-rate environment.
Net investment losses were $338 million after tax, reflecting normal trading activity and a
stable credit environment. Net derivative losses amounted to $610 million after tax, driven by
stronger equity markets, higher long-term interest rates, and strengthening of the U.S. dollar.
Net income was $705 million, reflecting higher adjusted earnings, partially offset by certain
investment-related items. On a per-share basis, net income increased 6 percent to $1.09.
Adjusted earnings were $1.6 billion, up 15 percent on a reported basis and 14 percent on a
constant currency basis, driven by favorable underwriting and broad-based volume growth. On a
per-share basis, adjusted earnings were $2.43, up 20 percent.
Direct expense ratio, excluding total notable items related to direct expenses and PRT, was
12.1 percent, compared to 11.7 percent in the prior-year quarter, and on track for our yearly
target.
Page 4 of 25
Adjusted Earnings by Segment Summary
Three Months Ended
June 30, 2026
Segment
Change from
prior-year period
(on a reported
basis)
Change from
prior-year period
(on a constant
currency basis)
Group Benefits
25%
Retirement and Income Solutions (RIS)
2%
Asia
21%
25%
Latin America
15%
4%
Europe, the Middle East and Africa (EMEA)
8%
11%
MetLife Investment Management (MIM)
6%
Business Discussions
GROUP BENEFITS
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Adjusted earnings
$503
$401
25%
Adjusted PFOs
$6,512
$6,446
1%
Adjusted PFOs, excluding
participating contracts
$5,054
$4,875
4%
•Adjusted earnings were $503 million, up 25 percent, reflecting favorable underwriting and
volume growth.
•Adjusted PFOs were $6.5 billion, up 1 percent.
•Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 4 percent,
reflecting solid growth across both National Accounts and Regional Business.
•Sales were up 9 percent year-to-date.
RIS
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Adjusted earnings
$377
$370
2%
Adjusted PFOs
$1,769
$1,382
28%
Adjusted PFOs, excluding PRT
$1,259
$1,054
19%
•Adjusted earnings were $377 million, up 2 percent, driven by favorable recurring interest
margins and volume growth, partially offset by lower variable investment income (VII).
•Adjusted PFOs were $1.8 billion.
•Adjusted PFOs, excluding PRT, were $1.3 billion, up 19 percent, mainly driven by U.K.
longevity reinsurance and structured settlement sales.
•Total retained liability exposure grew 3 percent, including 2 percent in retained general
account liabilities.
Page 5 of 25
ASIA
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Constant
currency
change
Adjusted earnings
$420
$346
21%
25%
Adjusted PFOs
$1,698
$1,699
—%
6%
Asia general account assets under
management (at amortized cost)
$141,211
$139,158
1%
6%
•Adjusted earnings were $420 million, up 21 percent on a reported basis and up 25 percent
on a constant currency basis, driven by stronger equity markets, higher VII, and volume
growth.
•Adjusted PFOs were $1.7 billion, essentially flat on a reported basis, and up 6 percent on a
constant currency basis.
•Asia general account assets under management (at amortized cost) were
$141.2 billion, up 6 percent on a constant currency basis.
•Sales were $794 million, up 17 percent on a constant currency basis, driven by strong
performance across the region.
LATIN AMERICA
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Constant
currency
change
Adjusted earnings
$268
$233
15%
4%
Adjusted PFOs
$1,899
$1,634
16%
6%
•Adjusted earnings were $268 million, up 15 percent on a reported basis and up 4 percent
on a constant currency basis, driven by volume growth across the region, as well as
favorable market factors, including encaje returns, and taxes, partially offset by the impact of
the Mexico value-added tax change.
•Adjusted PFOs were $1.9 billion, up 16 percent on a reported basis and up 6 percent on a
constant currency basis, due to strong growth and solid persistency across the region.
•Sales were $456 million, up 9 percent on a constant currency basis, primarily driven by
strong growth in third-party distribution across the region, particularly in Brazil, powered by
our Xcelerator platform.
EMEA
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Constant
currency
change
Adjusted earnings
$108
$100
8%
11%
Adjusted PFOs
$806
$719
12%
12%
•Adjusted earnings were $108 million, up 8 percent on a reported basis and up 11 percent
on a constant currency basis, driven by strong volume growth, partially offset by higher
expenses.
•Adjusted PFOs were $806 million, up 12 percent on both a reported and constant currency
basis, with strong sales momentum and solid renewal activity across the region.
Page 6 of 25
•Sales were $346 million, up 15 percent on a constant currency basis, reflecting continued
broad-based growth.
METLIFE INVESTMENT MANAGEMENT
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Adjusted earnings
$57
$54
6%
Other revenues
$317
$237
34%
Total assets under management
$748,126
$624,287
20%
•Adjusted earnings were $57 million, up 6 percent, driven by business growth and expense
management.
•Other revenues were $317 million, up 34 percent, primarily reflecting the acquisition of
PineBridge Investments and business growth.
•Total assets under management were $748.1 billion, up 20 percent.
CORPORATE & OTHER
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Adjusted earnings
$(160)
$(142)
•Adjusted loss of $160 million, compared to an adjusted loss of $142 million.
INVESTMENTS
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Adjusted net investment income
$5,551
$5,202
7%
•Adjusted net investment income was $5.6 billion, up 7 percent. VII increased 18 percent
to $231 million.
SECOND QUARTER 2026 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three Months Ended June 30, 2026
Notable Items
Group
Benefits
RIS
Asia
Latin
America
EMEA
MIM
Corporate
&
Other
Total
Total notable items
$0
$0
$0
$0
$0
$0
$0
$0
Page 7 of 25
Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com
For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the
world’s leading financial services companies, providing insurance, annuities, employee benefits
and asset management to help individual and institutional customers build a more confident
future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds
leading positions in the United States, Asia, Latin America, Europe and the Middle East. For
more information, visit www.metlife.com.
Conference Call
MetLife will hold its second quarter 2026 earnings conference call on Thursday, August 6, 2026,
from 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https://
events.q4inc.com/attendee/539596169. A replay of the webcast will be available at
investor.metlife.com for seven days following the call.
###
Page 8 of 25
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in
this section and the tables that accompany this
release) to:
Should be read as, respectively:
(i)
net income (loss)
(i)
net income (loss) available to MetLife,
Inc.’s common shareholders
(ii)
net income (loss) per share
(ii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share
(iii)
adjusted earnings
(iii)
adjusted earnings available to common
shareholders
(iv)
adjusted earnings per share
(iv)
adjusted earnings available to common
shareholders per diluted common
share
(v)
book value per share
(v)
book value per common share
(vi)
adjusted book value per share
(vi)
adjusted book value per common
share
(vii)
return on equity
(vii)
return on MetLife, Inc.’s common
stockholders’ equity
(viii)
adjusted return on equity
(viii)
adjusted return on MetLife, Inc.’s
common stockholders’ equity
In this news release, MetLife presents certain measures of its performance on a consolidated and
segment basis that are not calculated in accordance with accounting principles generally accepted in the
United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our
investors’ understanding of MetLife’s performance by highlighting the results of operations and the
underlying profitability drivers of the business. Segment-specific financial measures are calculated using
only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly
comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:
Comparable GAAP financial measures:
(i)
total adjusted revenues
(i)
total revenues
(ii)
total adjusted expenses
(ii)
total expenses
(iii)
adjusted premiums, fees and other
revenues
(iii)
premiums, fees and other revenues
(iv)
adjusted premiums, fees and other
revenues, excluding PRT
(iv)
premiums, fees and other revenues
(v)
adjusted premiums, fees and other
revenues, excluding participating contracts
(v)
premiums, fees and other revenues
(vi)
adjusted net investment income
(vi)
net investment income
(vii)
adjusted earnings available to common
shareholders
(vii)
net income (loss) available to MetLife,
Inc.’s common shareholders
(viii)
adjusted earnings available to common
shareholders, excluding total notable items
(viii)
net income (loss) available to MetLife,
Inc.’s common shareholders
(ix)
adjusted earnings available to common
shareholders per diluted common share
(ix)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share
(x)
adjusted earnings available to common
shareholders, excluding total notable
items, per diluted common share
(x)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted
common share
(xi)
adjusted return on equity
(xi)
return on equity
Page 9 of 25
(xii)
adjusted return on equity, excluding total
notable items
(xii)
return on equity
(xiii)
investment portfolio gains (losses)
(xiii)
net investment gains (losses)
(xiv)
derivative gains (losses)
(xiv)
net derivative gains (losses)
(xv)
adjusted capitalization of deferred policy
acquisition costs (DAC)
(xv)
capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common
stockholders’ equity
(xvi)
total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common
stockholders’ equity, excluding total
notable items
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
book value per common share
(xix)
adjusted other expenses
(xix)
other expenses
(xx)
adjusted other expenses, net of adjusted
capitalization of DAC
(xx)
other expenses, net of capitalization of
DAC
(xxi)
adjusted other expenses, net of adjusted
capitalization of DAC, excluding total
notable items related to adjusted other
expenses
(xxi)
other expenses, net of capitalization of
DAC
(xxii)
adjusted expense ratio
(xxii)
expense ratio
(xxiii)
adjusted expense ratio, excluding total
notable items related to adjusted other
expenses and PRT
(xxiii)
expense ratio
(xxiv)
direct expenses
(xxiv)
other expenses
(xxv)
direct expenses, excluding total notable
items related to direct expenses
(xxv)
other expenses
(xxvi)
direct expense ratio
(xxvi)
expense ratio
(xxvii)
direct expense ratio, excluding total
notable items related to direct expenses
and PRT
(xxvii)
expense ratio
(xxviii)
future policy benefits at original discount
rate
(xxviii)
future policy benefits at balance sheet
discount rate
(xxix)
free cash flow of all holding companies
(xxix)
MetLife, Inc. (parent company only) net
cash provided by (used in) operating
activities
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not
accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to
provide other than a range of net investment gains and losses and net derivative gains and losses, which
can fluctuate significantly within or outside the range and from period to period and may have a material
impact on net income (loss).
Any financial measures shown on a constant currency basis reflect the impact of changes in foreign
currency exchange rates and are calculated using the average foreign currency exchange rates for the
current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial
measures are included in this earnings news release and in this period’s earnings materials, which are
available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ
from those used by other companies:
Page 10 of 25
Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, on a constant currency basis;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, on a constant currency basis per diluted
common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted
common share; and
•adjusted earnings available to common shareholders, excluding total notable items, on a constant
currency basis per diluted common share.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to
evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting,
adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related
measures based on adjusted earnings are also the measures by which senior management’s and many
other employees’ performance is evaluated for the purposes of determining their compensation under
applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings
allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry
results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted
earnings available to common shareholders is defined as adjusted earnings less preferred stock
dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums,
fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market
volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and
costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related
measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes
net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains
(losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items
relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and
policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization
guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•Universal life and investment-type product policy fees exclude asymmetrical accounting associated
with in-force reinsurance.
•Net investment income includes earned income on derivatives and amortization of premium on
derivatives that are hedges of investments or that are used to replicate certain investments, but do
not qualify for hedge accounting treatment (“Investment hedge adjustments”).
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical
accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with
contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-
force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single
premium annuity business. These losses are amortized into adjusted earnings within policyholder
benefits and claims over the estimated lives of the contracts.
Page 11 of 25
•Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated
with in-force reinsurance.
•Interest credited to policyholder account balances excludes amounts associated with periodic
crediting rate adjustments based on the total return of a contractually referenced pool of assets and
other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the
discontinued operations criteria under GAAP. Divested businesses also include the net impact of
transactions with exited businesses that have been eliminated in consolidation under GAAP and costs
relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to
be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-
owned real estate and real estate joint ventures.
•Net investment income and interest credited to policyholder account balances exclude certain
amounts related to contractholder-directed equity securities (“Unit-linked contract income” and
“Unit-linked contract costs”).
•Net investment income and other expenses exclude Reinsurance activity (as defined below).
•Net investment income and interest expense on debt exclude amounts related to collateralized
financing entities that are consolidated variable interest entities (“Consolidated collateralized
financing entities”).
•Other revenues and other expenses exclude asset management distribution fees on funds that are
passed through to distribution partners.
•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted
for as freestanding derivatives.
•Other expenses exclude (i) amortization and impairment of asset management intangible assets,
(ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition,
integration and other related costs. Other expenses include (i) deductions for net income (loss)
attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits
accrued on synthetic GICs accounted for as freestanding derivatives.
•“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third
parties and joint ventures, including (i) the related investment returns and expenses which are
passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash
equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not
be recognized at acquisition or adjusted for during the measurement period under GAAP business
combination accounting guidance.
The tax impact of the adjustments mentioned above is calculated net of the U.S. or foreign statutory tax
rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax
(expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax
reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock
redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s
common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally
excludes amounts that are reported within net investment gains (losses) but do not relate to the
Page 12 of 25
performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses,
as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally
excludes earned income on derivatives and amortization of premium on derivatives, where such
derivatives are either hedges of investments or are used to replicate certain investments, and where such
derivatives do not qualify for hedge accounting. This earned income and amortization of premium is
reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common
stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred
gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses),
market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit
plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the
embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized
investment gains (losses) passed through to reinsurers), all net of income tax.
•Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total
MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of
related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate
remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement
gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives
related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses)
passed through to reinsurers) and total notable items, all net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s
common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to
common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items:
adjusted earnings available to common shareholders, excluding total notable items, divided by
MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as
unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate
remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded
derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other
revenues.
•Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct
expenses are comprised of employee-related costs, third-party staffing costs, and general and
administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct
expenses, excluding total notable items related to direct expenses, divided by adjusted premiums,
fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by
adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related
to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Page 13 of 25
Assets Under Management (“AUM”)
•Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client
AUM (each, as defined below).
•MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM
(as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”)
manages or advises.
•General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account
(“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total
investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash
and cash equivalents, and accrued investment income on such assets, and excludes policy loans,
certain contractholder-directed equity securities, fair value option securities, mortgage loans
originated for third parties, assets subject to ceded reinsurance arrangements with third parties and
joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint
ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been
adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on
the nature and characteristics of the underlying investments which can vary from how they are
classified under GAAP. Accordingly, the underlying investments within certain real estate and real
estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of
deduction for encumbering debt) have been reclassified to exclude them from real estate and real
estate joint ventures and include them as commercial mortgage loans.
•Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as
defined below). MIM manages or advises Institutional Client AUM in accordance with client
guidelines contained in each investment advisory agreement.
◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which
are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements
at estimated fair value, as well as accrued investment income on such assets.
◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with
third parties and joint ventures, which are managed or advised by MIM and are generally included
in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued
investment income on such assets.
◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM
on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as
accrued investment income on such assets. Such non-proprietary assets are owned by
unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s
consolidated financial statements.
•Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA
investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total
investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale,
cash and cash equivalents, and accrued investment income on such assets, and excludes policy
loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans
originated for third parties, assets subject to ceded reinsurance arrangements with third parties and
joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint
ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have
been adjusted from carrying value to estimated fair value. At the segment level, intersegment
balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the
MetLife consolidated level) are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on
investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair
value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized
Page 14 of 25
cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of MetLife’s performance:
•Statistical sales information:
•Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-
year premiums and fees from recurring premium policy sales of all products.
•RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and
the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year
premiums and fees only from recurring premium policy sales of specialized benefit resources and
corporate-owned life insurance.
•Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from
retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium
deposits from credit insurance and 100% of annualized full-year premiums and fees from
recurring-premium policy sales of all products (mainly from risk and protection products such as
individual life, accident & health and group).
Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity.
•Volume growth, where cited, represents the change in certain measures of our segment results,
including adjusted earnings, attributable to business growth, applying a model in which certain
margins and factors are held constant, the most significant of which are underwriting margins,
investment margins, changes in equity market performance, expense margins and the impact of
changes in foreign currency exchange rates.
•PRT includes U.K. funded reinsurance.
•Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals.
•“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated
and acquired for third parties, including (i) the related investment returns and expenses which are
passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
•We refer to observable forward yield curves as of a particular date in connection with making our
estimates for future results. The observable forward yield curves at a given time are based on
implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.
Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our
estimates for future results.
•Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were
unknown and that MetLife could not anticipate when it devised its business plan. Notable items also
include certain items regardless of the extent anticipated in the business plan, to help investors have
a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items
represent a positive (negative) impact to adjusted earnings available to common shareholders.
•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife
holding companies and include cash and cash equivalents, short-term investments and publicly
traded securities excluding assets that are pledged or otherwise committed. Assets pledged or
otherwise committed include amounts received in connection with securities lending, repurchase
agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding
agreements and secured borrowings, as well as amounts held in the closed block.
•MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash
for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free
cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating
Page 15 of 25
subsidiaries, expenses and other net flows of the holding companies (including capital contributions
to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This
measure of free cash flow is prior to capital actions, such as common stock dividends and
repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as
a substitute for net cash provided by (used in) operating activities calculated in accordance with
GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings
available to common shareholders.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future events and do not relate strictly to
historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied
to future periods or future performance, in each case in all derivative forms. They include statements
relating to strategy, goals and expectations concerning our market position, future operations, margins,
profitability, capital expenditures, liquidity and capital resources and other financial and operating
information. By their nature, forward-looking statements: speak only as of the date they are made; are not
statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties,
assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs
and projections are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations, beliefs and projections will result
or be achieved and actual results may vary materially from what is expressed in or indicated by the
forward-looking statements.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve
unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our
expectations, and our understanding of the economic environment, but they may be inaccurate and may
change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from
those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other
factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others,
may cause such differences. These factors include:
(1)economic condition difficulties, including risks relating to interest rates, the effects of announced or
future tariff increases on the global economy, credit spreads, declining equity or debt markets,
changes in the value of assets under management, real estate, obligors and counterparties,
government default or shutdown, currency exchange rates, derivatives, climate change, public
health, terrorism and security;
(2)global capital and credit market adversity;
(3)credit facility inaccessibility;
(4)financial strength or credit ratings downgrades;
(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from
reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such
risks;
(6)statutory life insurance reserve financing costs or limited market capacity;
(7)legal, regulatory, and supervisory and enforcement policy changes;
(8)changes in tax rates, tax laws or interpretations;
(9)litigation and regulatory investigations;
(10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;
(11)MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13)investment defaults, downgrades, or volatility;
(14)investment sales or lending difficulties;
Page 16 of 25
(15)collateral or derivative-related payments;
(16)investment valuations, allowances, or impairments changes;
(17)claims or other results that differ from our estimates, assumptions, or models;
(18)global political, legal, or operational risks;
(19)business competition;
(20)technological changes;
(21)catastrophes;
(22)climate changes or responses to it;
(23)deficiencies in our closed block;
(24)goodwill or other asset impairment, or deferred income tax asset allowance;
(25)impairment of value of business acquired ("VOBA"), value of distribution agreements acquired or
value of customer relationships acquired;
(26)product guarantee volatility, costs, and counterparty risks;
(27)risk management failures;
(28)insufficient protection from operational risks;
(29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or
disaster recovery failures;
(30)accounting standards changes;
(31)excessive risk-taking;
(32)marketing and distribution difficulties;
(33)pension and other postretirement benefit assumption changes;
(34)inability to protect our intellectual property or avoid infringement claims;
(35)acquisition, integration, growth, disposition, or reorganization difficulties;
(36)Brighthouse Financial, Inc. separation risks;
(37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the
voting provisions of the MetLife Policyholder Trust; and
(38)legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please
consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S.
Securities and Exchange Commission.
Corporate Information
MetLife, Inc. encourage investors and others to frequently visit its website (www.metlife.com), including its
Investor Relations web pages (https://investor.metlife.com). MetLife announces significant financial and
other information to its investors and the public on the Investor Relations web pages, as well as in U.S.
Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact
sheets, social media posts, including of its senior executives, and other documents and media. The
information found on MetLife’s website, including MetLife’s Sustainability Report, is not incorporated by
reference into this earnings release or in any other report or document MetLife submits to the U.S.
Securities and Exchange Commission, and any references to its website are intended to be inactive
textual references only.
Page 17 of 25
MetLife, Inc.
GAAP Consolidated Statements of Operations
(In millions)
For the Three Months Ended
June 30,
2026
2025
Revenues
Premiums
$11,435
$10,810
Universal life and investment-type product policy fees
1,372
1,259
Net investment income
6,702
5,661
Other revenues
845
679
Net investment gains (losses)
(428)
(273)
Net derivative gains (losses)
(772)
(796)
Total revenues
19,154
17,340
Expenses
Policyholder benefits and claims
11,335
10,767
Policyholder liability remeasurement (gains) losses
18
5
Market risk benefit remeasurement (gains) losses
(270)
(277)
Interest credited to policyholder account balances
3,067
2,400
Policyholder dividends
125
146
Amortization of DAC, VOBA and negative VOBA
588
528
Interest expense on debt
292
269
Other expenses, net of capitalization of DAC
2,964
2,522
Total expenses
18,119
16,360
Income (loss) before provision for income tax
1,035
980
Provision for income tax expense (benefit)
256
245
Net income (loss)
779
735
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
43
6
Net income (loss) attributable to MetLife, Inc.
736
729
Less: Preferred stock dividends
31
31
Preferred stock redemption premium
—
—
Net income (loss) available to MetLife, Inc.'s common shareholders
$705
$698
See footnotes on last page.
Page 18 of 25
MetLife, Inc.
(In millions, except per share data)
For the Three Months Ended
June 30,
2026
2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Earnings Per
Weighted
Average
Common Share
Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders
$705
$1.09
$698
$1.03
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)
(428)
(0.66)
(273)
(0.40)
Net derivative gains (losses)
(772)
(1.19)
(796)
(1.18)
Market risk benefit remeasurement gains (losses)
270
0.42
277
0.41
Goodwill impairment
—
—
—
—
Other adjustments to net income (loss)
(129)
(0.20)
(61)
(0.10)
Provision for income tax (expense) benefit
234
0.36
195
0.29
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
43
0.07
6
0.01
Preferred stock redemption premium
—
—
—
—
Adjusted earnings available to common shareholders
1,573
2.43
1,362
2.02
Less: Total notable items
—
—
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$1,573
$2.43
$1,362
$2.02
Adjusted earnings available to common shareholders on a constant currency basis
$1,573
$2.43
$1,375
$2.04
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$1,573
$2.43
$1,375
$2.04
Weighted average common shares outstanding - diluted
646.9
675.0
See footnotes on last page.
Page 19 of 25
MetLife, Inc.
(In millions)
For the Three Months Ended
June 30,
2026
2025
Premiums, Fees and Other Revenues
Premiums, fees and other revenues
$13,652
$12,748
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting
131
42
Other
(3)
(16)
Divested businesses
—
3
Adjusted premiums, fees and other revenues
$13,524
$12,719
Adjusted premiums, fees and other revenues, on a constant currency basis
$13,524
$12,776
Less: PRT
510
328
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis
$13,014
$12,448
Net Investment Income
Net investment income
$6,702
$5,661
Less: Adjustments to net investment income:
Investment hedge adjustments
(170)
(102)
Depreciation of wholly-owned real estate and real estate joint ventures
(54)
Joint venture adjustments
23
16
Unit-linked contract income
998
498
Reinsurance activity
331
47
Consolidated collateralized financing entities
23
—
Divested businesses
—
—
Adjusted net investment income
$5,551
$5,202
Revenues and Expenses
Total revenues
$19,154
$17,340
Less: Adjustments to total revenues:
Net investment gains (losses)
(428)
(273)
Net derivative gains (losses)
(772)
(796)
Investment hedge adjustments
(170)
(102)
Depreciation of wholly-owned real estate and real estate joint ventures
(54)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
131
42
Joint venture adjustments
23
16
Unit-linked contract costs
998
498
Reinsurance activity
331
47
Consolidated collateralized financing entities
23
—
Other
(3)
(16)
Divested businesses
—
3
Total adjusted revenues
$19,075
$17,921
Total expenses
$18,119
$16,360
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses
(270)
(277)
Goodwill impairment
—
—
Asymmetrical and non-economic accounting
227
31
Market volatility
(86)
(40)
Unit-linked contract costs
992
486
Reinsurance activity
201
45
Consolidated collateralized financing entities
19
—
Other
48
21
Divested businesses
7
6
Total adjusted expenses
$16,981
$16,088
See footnotes on last page.
Page 20 of 25
MetLife, Inc.
(In millions, except per share and ratio data)
For the Three Months Ended
June 30,
2026
2025
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC
$(950)
$(787)
Less: Divested businesses
—
—
Adjusted capitalization of DAC
$(950)
$(787)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses
$3,914
$3,309
Less: Reinsurance activity
201
45
Other
48
21
Divested businesses
7
7
Adjusted other expenses
$3,658
$3,236
Other Detail and Ratios
Other expenses, net of capitalization of DAC
$2,964
$2,522
Premiums, fees and other revenues
$13,652
$12,748
Expense ratio
21.7%
19.8%
Direct expenses
$1,580
$1,445
Less: Total notable items related to direct expenses
—
—
Direct expenses, excluding total notable items related to direct expenses
$1,580
$1,445
Adjusted other expenses
$3,658
$3,236
Adjusted capitalization of DAC
(950)
(787)
Adjusted other expenses, net of adjusted capitalization of DAC
2,708
2,449
Less: Total notable items related to adjusted other expenses
—
—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to
adjusted other expenses
$2,708
$2,449
Adjusted premiums, fees and other revenues
$13,524
$12,719
Less: PRT
510
328
Adjusted premiums, fees and other revenues, excluding PRT
$13,014
$12,391
Direct expense ratio
11.7%
11.4%
Direct expense ratio, excluding total notable items related to direct expenses and PRT
12.1%
11.7%
Adjusted expense ratio
20.0%
19.3%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
20.8%
19.8%
See footnotes on last page.
Page 21 of 25
MetLife, Inc.
(In millions, except per share data)
June 30,
Equity Details
2026
2025
Total MetLife, Inc.'s stockholders' equity
$27,441
$27,685
Less: Preferred stock
2,830
3,818
MetLife, Inc.'s common stockholders' equity
24,611
23,867
Less: Unrealized investment gains (losses), net of related offsets and income tax
(18,677)
(16,484)
Deferred gains (losses) on derivatives, net of income tax
(1,325)
(1,466)
Future policy benefits discount rate remeasurement gains (losses), net of income tax
9,064
5,876
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(80)
(64)
Defined benefit plans adjustment, net of income tax
(1,357)
(1,407)
Embedded derivatives - funds withheld on ceded reinsurance, net of income tax
180
(83)
Total MetLife, Inc.'s adjusted common stockholders' equity
36,806
37,495
Less: Accumulated year-to-date total notable items, net of income tax
—
—
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items
$36,806
$37,495
June 30,
Book Value (2)
2026
2025
Book value per common share
38.59
35.79
Less: Unrealized investment gains (losses), net of related offsets and income tax
(29.28)
(24.72)
Deferred gains (losses) on derivatives, net of income tax
(2.08)
(2.20)
Future policy benefits discount rate remeasurement gains (losses), net of income tax
14.22
8.81
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(0.13)
(0.10)
Defined benefit plans adjustment, net of income tax
(2.13)
(2.11)
Embedded derivatives - funds withheld on ceded reinsurance, net of income tax
0.28
(0.12)
Adjusted book value per common share
$57.71
$56.23
Common shares outstanding, end of period (3)
637.8
666.8
For the Three Months Ended
June 30,
Return on Equity (4)
2026
2025
Return on MetLife, Inc.'s:
Common stockholders' equity
11.5%
11.7%
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
17.0%
14.6%
Adjusted common stockholders' equity, excluding total notable items
17.0%
14.6%
For the Three Months Ended
June 30,
Average Common Stockholders' Equity
2026
2025
Average common stockholders' equity
$24,553
$23,771
Average adjusted common stockholders' equity
$36,947
$37,267
Average adjusted common stockholders' equity, excluding total notable items
$36,947
$37,267
See footnotes on last page.
Page 22 of 25
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(In millions)
For the Three Months Ended
June 30,
2026
2025
Group Benefits (5):
Adjusted earnings available to common shareholders
$503
$401
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$503
$401
Adjusted premiums, fees and other revenues
$6,512
$6,446
Less: Participating contracts
1,458
1,571
Adjusted premiums, fees and other revenues, excluding participating contracts
$5,054
$4,875
RIS (5):
Adjusted earnings available to common shareholders
$377
$370
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$377
$370
Adjusted premiums, fees and other revenues
$1,769
$1,382
Less: PRT
510
328
Adjusted premiums, fees and other revenues, excluding PRT
$1,259
$1,054
Asia:
Adjusted earnings available to common shareholders
$420
$346
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$420
$346
Adjusted earnings available to common shareholders on a constant currency basis
$420
$337
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$420
$337
Adjusted premiums, fees and other revenues
$1,698
$1,699
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,698
$1,603
Latin America:
Adjusted earnings available to common shareholders
$268
$233
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$268
$233
Adjusted earnings available to common shareholders on a constant currency basis
$268
$258
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$268
$258
Adjusted premiums, fees and other revenues
$1,899
$1,634
Adjusted premiums, fees and other revenues, on a constant currency basis
$1,899
$1,789
See footnotes on last page.
Page 23 of 25
MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(In millions)
For the Three Months Ended
June 30,
2026
2025
EMEA:
Adjusted earnings available to common shareholders
$108
$100
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$108
$100
Adjusted earnings available to common shareholders on a constant currency basis
$108
$97
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$108
$97
Adjusted premiums, fees and other revenues
$806
$719
Adjusted premiums, fees and other revenues, on a constant currency basis
$806
$717
MIM (5):
Adjusted earnings available to common shareholders
$57
$54
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$57
$54
Corporate & Other (5):
Adjusted earnings available to common shareholders
$(160)
$(142)
Less: Total notable items
—
—
Adjusted earnings available to common shareholders, excluding total notable items
$(160)
$(142)
Adjusted premiums, fees and other revenues
$523
$602
See footnotes on last page.
Page 24 of 25
MetLife, Inc.
Variable Investment Income
For the Three
Months Ended
June 30, 2026
June 30, 2026
Variable
Investment Income
(post-tax, in
millions) (6)
Assets (in billions)
Group Benefits
$4
$0.2
RIS
43
5.0
Asia
94
8.6
Latin America
7
0.3
EMEA
1
0.1
MIM
—
—
Corporate & Other
34
3.9
Total
$183
$18.1
Cash & Capital
June 30, 2026
(in billions) (7)
Holding Companies Cash & Liquid Assets
$3.4
See footnotes on last page.
Page 25 of 25
MetLife, Inc.
Footnotes
(1)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not
equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
(2)
Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at June 30, 2026 and June 30, 2025, respectively.
(3)
There were share repurchases of approximately $700 million for the three months ended June 30, 2026. Year to date, there were share repurchases of
approximately $1.7 billion, including approximately $225 million of share repurchases in July 2026. Common stock dividends of approximately $400 million
were paid for the three months ended June 30,2026.
(4)
Annualized using quarter-to-date results.
(5)
Results on a constant currency basis are not included as constant currency impact is not significant.
(6)
Assumes a 21% tax rate.
(7)
The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $16.4 billion at June 30,
2026, up 1% from $16.2 billion at March 31, 2026. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life
Insurance Company.
EX-99.2
EX-99.2
Filename: ex992qfs8kdoc.htm · Sequence: 3
Document
Table of Contents
Exhibit 99.2
Second Quarter
Financial Supplement
June 30, 2026
2
Table of Contents
METLIFE
TABLE OF CONTENTS
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
2
CORPORATE OVERVIEW
3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
5
EXPENSE DETAIL AND RATIOS
7
GAAP CONSOLIDATED BALANCE SHEETS
8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
9
Group Benefits
Statements of Adjusted Earnings Available to Common Shareholders
10
Other Expenses by Major Category; and Other Information
11
RIS
Statements of Adjusted Earnings Available to Common Shareholders
12
Future Policy Benefits; Policyholder Account Balances; General Account Retained Balances; and Total Liabilities
13
Other Expenses by Major Category; and Spread
14
ASIA
Statements of Adjusted Earnings Available to Common Shareholders
15
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; Other Information; and Asia General Account Assets Under Management
16
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders
17
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information
18
EMEA
Statements of Adjusted Earnings Available to Common Shareholders
19
Other Expenses by Major Category; and Other Information
20
MIM
Statements of Adjusted Earnings Available to Common Shareholders
21
Assets Under Management; and Other Revenues by Client Segment
22
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders
23
Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities
24
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields
25
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale
26
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type
27
Footnotes
28
APPENDIX
Reconciliation Detail
A-1
Notable Items
A-2
Equity Details, Book Value Details and Return on Equity
A-4
Adjusted Premiums, Fees and Other Revenues; Adjusted Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis
A-5
Non-GAAP and Other Financial Disclosures
A-6
Acronyms
A-10
1
Table of Contents
METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Revenues
Premiums $ 10,810 $ 10,555 $ 16,691 $ 12,120 $ 11,435 $ 22,533 $ 23,555
Universal life and investment-type product policy fees 1,259 1,247 1,268 1,343 1,372 2,488 2,715
Net investment income 5,661 6,089 5,924 5,355 6,702 10,546 12,057
Other revenues 679 724 737 852 845 1,366 1,697
Net investment gains (losses) (273) (325) (160) (670) (428) (660) (1,098)
Net derivative gains (losses) (796) (929) (646) 74 (772) (364) (698)
Total revenues 17,340 17,361 23,814 19,074 19,154 35,909 38,228
Expenses
Policyholder benefits and claims 10,767 10,369 16,776 11,864 11,335 22,573 23,199
Policyholder liability remeasurement (gains) losses 5 (159) 35 (13) 18 (26) 5
Market risk benefit remeasurement (gains) losses (277) (263) (267) 120 (270) 22 (150)
Interest credited to policyholder account balances 2,400 2,561 2,342 1,674 3,067 4,047 4,741
Policyholder dividends 146 134 129 124 125 290 249
Amortization of DAC, VOBA and negative VOBA 528 522 545 568 588 1,047 1,156
Interest expense on debt 269 271 263 265 292 527 557
Other expenses, net of capitalization of DAC 2,522 2,716 2,874 2,965 2,964 5,095 5,929
Total expenses 16,360 16,151 22,697 17,567 18,119 33,575 35,686
Income (loss) before provision for income tax 980 1,210 1,117 1,507 1,035 2,334 2,542
Provision for income tax expense (benefit) 245 308 301 345 256 649 601
Net income (loss) 735 902 816 1,162 779 1,685 1,941
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 6 6 7 (23) 43 11 20
Net income (loss) attributable to MetLife, Inc. 729 896 809 1,185 736 1,674 1,921
Less: Preferred stock dividends 31 66 31 45 31 97 76
Preferred stock redemption premium — 12 — — — — —
Net income (loss) available to MetLife, Inc.'s common shareholders $ 698 $ 818 $ 778 $ 1,140 $ 705 $ 1,577 $ 1,845
Premiums, fees and other revenues $ 12,748 $ 12,526 $ 18,696 $ 14,315 $ 13,652 $ 26,387 $ 27,967
2
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METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Net income (loss) available to MetLife, Inc.'s common shareholders $ 698 $ 818 $ 778 $ 1,140 $ 705
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (273) (325) (160) (670) (428)
Less: Net derivative gains (losses) (796) (929) (646) 74 (772)
Less: Market risk benefit remeasurement gains (losses) 277 263 267 (120) 270
Less: Goodwill impairment — — — — —
Less: Other adjustments to net income (loss) (1) (61) 20 (514) 77 (129)
Less: Provision for income tax (expense) benefit 195 223 190 170 234
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
6 6 7 (23) 43
Add: Preferred stock redemption premium — 12 — — —
Adjusted earnings available to common shareholders 1,362 1,584 1,648 1,586 1,573
Less: Total notable items (2) — 18 (61) — —
Adjusted earnings available to common shareholders, excluding total notable items (2) $ 1,362 $ 1,566 $ 1,709 $ 1,586 $ 1,573
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share $ 1.03 $ 1.22 $ 1.17 $ 1.74 $ 1.09
Less: Net investment gains (losses) (0.40) (0.49) (0.24) (1.02) (0.66)
Less: Net derivative gains (losses) (1.18) (1.39) (0.98) 0.11 (1.19)
Less: Market risk benefit remeasurement gains (losses) 0.41 0.39 0.40 (0.18) 0.42
Less: Goodwill impairment — — — — —
Less: Other adjustments to net income (loss) (0.10) 0.04 (0.78) 0.11 (0.20)
Less: Provision for income tax (expense) benefit 0.29 0.33 0.29 0.26 0.36
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 0.01 0.01 0.01 (0.04) 0.07
Add: Preferred stock redemption premium — 0.02 — — —
Adjusted earnings available to common shareholders per diluted common share 2.02 2.37 2.49 2.42 2.43
Less: Total notable items per diluted common share (2) — 0.03 (0.09) — —
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) $ 2.02 $ 2.34 $ 2.58 $ 2.42 $ 2.43
For the Three Months Ended
Unaudited (In millions, except per share data) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments $ — $ 89 $ — $ — $ —
Litigation reserves and settlement costs — — (32) — —
Tax adjustments — (71) (29) — —
Total notable items $ — $ 18 $ (61) $ — $ —
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments $ — $ 0.13 $ — $ — $ —
Litigation reserves and settlement costs — — (0.05) — —
Tax adjustments — (0.11) (0.04) — —
Total notable items per diluted common share
$ — $ 0.03 $ (0.09) $ — $ —
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Weighted average common shares outstanding - diluted 675.0 669.1 662.2 655.7 646.9
(1)See Pages A-1 and A-7 for further information.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Pages A-2 and A-3 for further information.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
3
Table of Contents
METLIFE
CORPORATE OVERVIEW (CONTINUED)
Unaudited June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Book value per common share (1) $ 35.79 $ 39.52 $ 39.02 $ 37.92 $ 38.59
Adjusted book value per common share (1) $ 56.23 $ 56.57 $ 57.07 $ 57.41 $ 57.71
For the Three Months Ended
Unaudited June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Return on MetLife, Inc.'s (2):
Common stockholders' equity 11.7 % 13.1 % 12.0 % 18.2 % 11.5 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity 14.6 % 16.9 % 17.6 % 17.0 % 17.0 %
Adjusted common stockholders' equity, excluding total notable items (3)
14.6 % 16.7 % 18.3 % 17.0 % 17.0 %
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Common shares outstanding, beginning of period 673.3 666.8 660.7 655.3 646.0
Share repurchases (6.5) (6.3) (5.4) (10.1) (8.7)
Newly issued shares — 0.2 — 0.8 0.5
Common shares outstanding, end of period 666.8 660.7 655.3 646.0 637.8
Weighted average common shares outstanding - basic 670.8 664.7 658.1 652.0 642.6
Dilutive effect of the exercise or issuance of stock-based awards 4.2 4.4 4.1 3.7 4.3
Weighted average common shares outstanding - diluted 675.0 669.1 662.2 655.7 646.9
MetLife Policyholder Trust Shares 108.6 107.4 105.9 104.6 102.5
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further information.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.
4
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Total revenues $ 17,340 $ 17,361 $ 23,814 $ 19,074 $ 19,154 $ 35,909 $ 38,228
Less: Adjustments to total revenues:
Net investment gains (losses) (273) (325) (160) (670) (428) (660) (1,098)
Net derivative gains (losses) (796) (929) (646) 74 (772) (364) (698)
Investment hedge adjustments (102) (100) (105) (84) (170) (205) (254)
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72) (61) (54) (115)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
42 78 100 132 131 78 263
Joint venture adjustments 16 (8) (64) 18 23 (26) 41
Unit-linked contract income
498 580 366 (318) 998 271 680
Reinsurance activity
47 177 222 301 331 90 632
Consolidated collateralized financing entities — — — — 23 — 23
Other
(16) (15) (17) — (3) (31) (3)
Divested businesses
3 2 (1) — — 8 —
Total adjusted revenues $ 17,921 $ 17,901 $ 24,191 $ 19,682 $ 19,075 $ 36,748 $ 38,757
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Net investment income $ 5,661 $ 6,089 $ 5,924 $ 5,355 $ 6,702 $ 10,546 $ 12,057
Less: Adjustments to net investment income:
Investment hedge adjustments (102) (100) (105) (84) (170) (205) (254)
Depreciation of wholly-owned real estate and real estate joint ventures (1) (72) (61) (54) (115)
Joint venture adjustments 16 (8) (64) 18 23 (26) 41
Unit-linked contract income
498 580 366 (318) 998 271 680
Reinsurance activity
47 177 222 301 331 90 632
Consolidated collateralized financing entities — — — — 23 — 23
Divested businesses — — — — — 1 —
Adjusted net investment income $ 5,202 $ 5,440 $ 5,577 $ 5,499 $ 5,551 $ 10,415 $ 11,050
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Variable investment income (Included in net investment income above) $ 195 $ 483 $ 497 $ 518 $ 231 $ 522 $ 749
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Premiums, fees and other revenues $ 12,748 $ 12,526 $ 18,696 $ 14,315 $ 13,652 $ 26,387 $ 27,967
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting 42 78 100 132 131 78 263
Other
(16) (15) (17) — (3) (31) (3)
Divested businesses
3 2 (1) — — 7 —
Adjusted premiums, fees and other revenues $ 12,719 $ 12,461 $ 18,614 $ 14,183 $ 13,524 $ 26,333 $ 27,707
Adjusted premiums, fees and other revenues, on a constant currency basis $ 12,776 $ 12,485 $ 18,663 $ 14,162 $ 13,524
(1)See Page A-7 for further information.
5
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Total expenses $ 16,360 $ 16,151 $ 22,697 $ 17,567 $ 18,119 $ 33,575 $ 35,686
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses (277) (263) (267) 120 (270) 22 (150)
Goodwill impairment — — — — — — —
Asymmetrical and non-economic accounting 31 18 458 24 227 170 251
Market volatility (40) (49) (76) (74) (86) (84) (160)
Unit-linked contract costs
486 578 366 (302) 992 252 690
Reinsurance activity
45 135 166 205 201 87 406
Consolidated collateralized financing entities — — — — 19 — 19
Other
21 2 15 53 48 40 101
Divested businesses
6 10 14 5 7 15 12
Total adjusted expenses $ 16,088 $ 15,720 $ 22,021 $ 17,536 $ 16,981 $ 33,073 $ 34,517
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Capitalization of DAC $ (787) $ (852) $ (882) $ (959) $ (950) $ (1,485) $ (1,909)
Less: Divested businesses — — — — — — —
Adjusted capitalization of DAC $ (787) $ (852) $ (882) $ (959) $ (950) $ (1,485) $ (1,909)
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Other expenses $ 3,309 $ 3,568 $ 3,756 $ 3,924 $ 3,914 $ 6,580 $ 7,838
Less: Adjustments to other expenses:
Reinsurance activity
45 135 166 205 201 87 406
Other
21 2 15 53 48 40 101
Divested businesses 7 9 12 5 7 15 12
Adjusted other expenses $ 3,236 $ 3,422 $ 3,563 $ 3,661 $ 3,658 $ 6,438 $ 7,319
Adjusted other expenses, on a constant currency basis
$ 3,226 $ 3,403 $ 3,573 $ 3,652 $ 3,658
6
Table of Contents
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Other expenses, net of capitalization of DAC $ 2,522 $ 2,716 $ 2,874 $ 2,965 $ 2,964 $ 5,095 $ 5,929
Premiums, fees and other revenues $ 12,748 $ 12,526 $ 18,696 $ 14,315 $ 13,652 $ 26,387 $ 27,967
Expense ratio 19.8 % 21.7 % 15.4 % 20.7 % 21.7 % 19.3 % 21.2 %
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted other expenses by major category
Direct expenses $ 1,445 $ 1,443 $ 1,528 $ 1,583 $ 1,580 $ 2,904 $ 3,163
Pension, postretirement and postemployment benefit costs 66 69 74 70 70 136 140
Premium taxes, other taxes, and licenses & fees 158 272 246 199 192 318 391
Commissions and other variable expenses 1,567 1,638 1,715 1,809 1,816 3,080 3,625
Adjusted other expenses
3,236 3,422 3,563 3,661 3,658 6,438 7,319
Adjusted capitalization of DAC (787) (852) (882) (959) (950) (1,485) (1,909)
Adjusted other expenses, net of adjusted capitalization of DAC
$ 2,449 $ 2,570 $ 2,681 $ 2,702 $ 2,708 $ 4,953 $ 5,410
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Employee-related costs $ 935 $ 962 $ 946 $ 1,094 $ 1,050 $ 1,926 $ 2,144
Third-party staffing costs 392 374 415 368 387 745 755
General and administrative expenses 118 107 167 121 143 233 264
Direct expenses 1,445 1,443 1,528 1,583 1,580 2,904 3,163
Less: Total notable items related to direct expenses (1) — — 40 — — — —
Direct expenses, excluding total notable items related to direct expenses (1) $ 1,445 $ 1,443 $ 1,488 $ 1,583 $ 1,580 $ 2,904 $ 3,163
Adjusted other expenses, net of adjusted capitalization of DAC
$ 2,449 $ 2,570 $ 2,681 $ 2,702 $ 2,708 $ 4,953 $ 5,410
Less: Total notable items related to adjusted other expenses (1) — 102 81 — — — —
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$ 2,449 $ 2,468 $ 2,600 $ 2,702 $ 2,708 $ 4,953 $ 5,410
Adjusted premiums, fees and other revenues $ 12,719 $ 12,461 $ 18,614 $ 14,183 $ 13,524 $ 26,333 $ 27,707
Less: PRT 328 (10) 5,775 843 510 1,804 1,353
Adjusted premiums, fees and other revenues, excluding PRT $ 12,391 $ 12,471 $ 12,839 $ 13,340 $ 13,014 $ 24,529 $ 26,354
Direct expense ratio 11.4 % 11.6 % 8.2 % 11.2 % 11.7 % 11.0 % 11.4 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) 11.7 % 11.6 % 11.6 % 11.9 % 12.1 % 11.8 % 12.0 %
Adjusted expense ratio 19.3 % 20.6 % 14.4 % 19.1 % 20.0 % 18.8 % 19.5 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) 19.8 % 19.8 % 20.3 % 20.3 % 20.8 % 20.2 % 20.5 %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.
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METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value $ 298,737 $ 304,645 $ 315,931 $ 316,110 $ 322,183
Equity securities, at estimated fair value 790 788 858 927 932
Contractholder-directed equity securities and fair value option securities, at estimated fair value 11,694 12,270 13,959 13,435 14,809
Mortgage loans 86,868 85,843 84,593 83,726 82,856
Policy loans 8,664 8,589 8,547 8,455 8,226
Real estate and real estate joint ventures 14,007 13,932 13,440 13,356 13,065
Other limited partnership interests 14,279 14,741 14,917 14,531 14,801
Short-term investments, principally at estimated fair value 5,300 5,962 3,601 4,948 8,016
Other invested assets 16,352 16,932 16,332 17,624 17,675
Total investments 456,691 463,702 472,178 473,112 482,563
Cash and cash equivalents, principally at estimated fair value 22,178 20,233 22,032 22,687 19,301
Accrued investment income 3,532 3,791 3,719 3,796 3,774
Premiums, reinsurance and other receivables 31,503 40,329 49,059 50,335 50,635
Market risk benefits, at estimated fair value 352 392 458 392 490
Deferred policy acquisition costs and value of business acquired 20,993 21,175 21,107 21,269 21,571
Current income tax recoverable 554 374 660 455 426
Deferred income tax assets 2,925 2,719 2,585 2,901 3,167
Goodwill 9,142 9,095 9,613 9,565 9,536
Other assets 11,425 11,572 11,822 11,013 11,059
Separate account assets 143,175 146,344 151,933 147,686 156,850
Total assets $ 702,470 $ 719,726 $ 745,166 $ 743,211 $ 759,372
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Liabilities
Future policy benefits $ 198,965 $ 199,169 $ 208,855 $ 206,628 $ 206,150
Policyholder account balances 232,433 235,312 236,857 239,836 245,458
Market risk benefits, at estimated fair value 2,709 2,585 2,406 2,522 2,235
Other policy-related balances 19,899 20,361 20,070 20,444 20,559
Policyholder dividends payable 367 369 356 337 349
Payables for collateral under securities loaned and other transactions 17,147 17,139 17,115 18,157 18,882
Short-term debt 379 378 355 404 460
Long-term debt 15,374 15,300 14,467 14,445 14,244
Collateral financing arrangement 438 398 352 299 286
Subordinated debt securities 4,153 4,154 4,155 5,143 5,144
Notes issued by collateralized financing entities — — 1,206 1,138 1,497
Deferred income tax liability 430 574 536 382 311
Other liabilities 39,074 48,452 57,582 57,989 58,986
Separate account liabilities 143,175 146,344 151,933 147,686 156,850
Total liabilities 674,543 690,535 716,245 715,410 731,411
Contingencies, Commitments and Guarantees
Mezzanine Equity
Redeemable noncontrolling interests — — 241 206 220
Equity
Preferred stock, at par value — — — — —
Common stock, at par value 12 12 12 12 12
Additional paid-in capital 33,822 32,855 32,858 32,921 32,933
Retained earnings 43,447 43,887 44,290 45,058 45,380
Treasury stock, at cost (29,737) (30,244) (30,678) (31,440) (32,141)
Accumulated other comprehensive income (loss) (19,859) (17,566) (18,084) (19,227) (18,743)
Total MetLife, Inc.'s stockholders' equity 27,685 28,944 28,398 27,324 27,441
Noncontrolling interests 242 247 282 271 300
Total equity 27,927 29,191 28,680 27,595 27,741
Total liabilities, mezzanine equity and equity $ 702,470 $ 719,726 $ 745,166 $ 743,211 $ 759,372
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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Adjusted earnings before provision for income tax
GROUP BENEFITS $ 508 $ 577 $ 589 $ 555 $ 636
RIS 460 551 563 558 463
ASIA 489 752 625 689 590
LATIN AMERICA 317 208 270 330 351
EMEA 128 115 129 143 133
MIM 72 78 80 63 76
CORPORATE & OTHER (141) (100) (86) (192) (155)
Total adjusted earnings before provision for income tax
$ 1,833 $ 2,181 $ 2,170 $ 2,146 $ 2,094
Provision for income tax expense (benefit)
GROUP BENEFITS $ 107 $ 121 $ 124 $ 116 $ 133
RIS 90 110 109 107 86
ASIA 143 212 181 202 170
LATIN AMERICA 84 60 72 101 83
EMEA 28 28 32 33 25
MIM 18 20 20 16 19
CORPORATE & OTHER (30) (20) (47) (60) (26)
Total provision for income tax expense (benefit)
$ 440 $ 531 $ 491 $ 515 $ 490
Adjusted earnings available to common shareholders
GROUP BENEFITS $ 401 $ 456 $ 465 $ 439 $ 503
RIS 370 441 454 451 377
ASIA 346 540 444 487 420
LATIN AMERICA 233 148 198 229 268
EMEA 100 87 97 110 108
MIM 54 58 60 47 57
CORPORATE & OTHER (1) (142) (146) (70) (177) (160)
Total adjusted earnings available to common shareholders (1) $ 1,362 $ 1,584 $ 1,648 $ 1,586 $ 1,573
(1)Includes impact of preferred stock dividends of $31 million, $66 million, $31 million, $45 million and $31 million for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026, respectively.
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GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ 5,801 $ 5,662 $ 5,632 $ 5,848 $ 5,819 $ 11,564 $ 11,667
Universal life and investment-type product policy fees 240 227 236 230 242 473 472
Net investment income 345 356 358 352 357 698 709
Other revenues 405 417 419 461 451 839 912
Total adjusted revenues 6,791 6,662 6,645 6,891 6,869 13,574 13,760
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 5,161 4,982 4,889 5,147 5,053 10,344 10,200
Policyholder liability remeasurement (gains) losses (4) (9) (3) (2) (2) (22) (4)
Interest credited to policyholder account balances 73 73 71 70 69 145 139
Capitalization of DAC (7) (7) (7) (6) (6) (12) (12)
Amortization of DAC, VOBA and negative VOBA 7 7 6 12 8 13 20
Interest expense on debt 1 1 — 1 2 2 3
Other expenses 1,052 1,038 1,100 1,114 1,109 2,128 2,223
Total adjusted expenses 6,283 6,085 6,056 6,336 6,233 12,598 12,569
Adjusted earnings before provision for income tax 508 577 589 555 636 976 1,191
Provision for income tax expense (benefit) 107 121 124 116 133 205 249
Adjusted earnings 401 456 465 439 503 771 942
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders 401 456 465 439 503 771 942
Less: Total notable items
— (2) — — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ 401 $ 458 $ 465 $ 439 $ 503 $ 771 $ 942
Adjusted premiums, fees and other revenues $ 6,446 $ 6,306 $ 6,287 $ 6,539 $ 6,512 $ 12,876 $ 13,051
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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Direct and allocated expenses $ 507 $ 502 $ 534 $ 540 $ 529
Pension, postretirement and postemployment benefit costs 15 14 15 15 14
Premium taxes, other taxes, and licenses & fees 88 87 89 94 94
Commissions and other variable expenses 442 435 462 465 472
Adjusted other expenses $ 1,052 $ 1,038 $ 1,100 $ 1,114 $ 1,109
Adjusted capitalization of DAC
(7) (7) (7) (6) (6)
Adjusted other expenses, net of adjusted capitalization of DAC $ 1,045 $ 1,031 $ 1,093 $ 1,108 $ 1,103
OTHER INFORMATION (1)
For the Three Months Ended
Unaudited (In millions, except ratios)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Group Life (2)
Adjusted premiums, fees and other revenues $ 2,371 $ 2,328 $ 2,321 $ 2,379 $ 2,367
Mortality ratio 83.0 % 83.4 % 81.1 % 80.1 % 79.0 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues $ 2,876 $ 2,814 $ 2,866 $ 3,019 $ 2,957
Interest adjusted benefit ratio (4) 74.8 % 72.5 % 72.2 % 75.8 % 73.9 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
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RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ 1,210 $ 1,045 $ 7,030 $ 2,212 $ 1,587 $ 3,494 $ 3,799
Universal life and investment-type product policy fees 102 99 104 109 113 206 222
Net investment income 2,166 2,189 2,229 2,252 2,219 4,356 4,471
Other revenues 70 70 75 69 69 139 138
Total adjusted revenues 3,548 3,403 9,438 4,642 3,988 8,195 8,630
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 2,045 1,836 7,829 3,066 2,466 5,165 5,532
Policyholder liability remeasurement (gains) losses 1 (14) 26 (20) 3 (14) (17)
Interest credited to policyholder account balances 903 888 878 883 908 1,786 1,791
Capitalization of DAC (46) (50) (80) (87) (83) (83) (170)
Amortization of DAC, VOBA and negative VOBA 21 19 22 23 24 40 47
Interest expense on debt 4 3 4 3 2 7 5
Other expenses 160 170 196 216 205 329 421
Total adjusted expenses 3,088 2,852 8,875 4,084 3,525 7,230 7,609
Adjusted earnings before provision for income tax 460 551 563 558 463 965 1,021
Provision for income tax expense (benefit) 90 110 109 107 86 189 193
Adjusted earnings 370 441 454 451 377 776 828
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders 370 441 454 451 377 776 828
Less: Total notable items
— 13 — — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ 370 $ 428 $ 454 $ 451 $ 377 $ 776 $ 828
Adjusted premiums, fees and other revenues $ 1,382 $ 1,214 $ 7,209 $ 2,390 $ 1,769 $ 3,839 $ 4,159
Less: PRT
328 (10) 5,775 843 510 1,804 1,353
Adjusted premiums, fees and other revenues, excluding PRT $ 1,054 $ 1,224 $ 1,434 $ 1,547 $ 1,259 $ 2,035 $ 2,806
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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Balance, end of period (at balance sheet discount rate) (2)
$ 73,506 $ 74,263 $ 84,988 $ 84,300 $ 84,563
Less: Accumulated other comprehensive (income) loss (2,366) (1,209) (1,732) (2,968) (2,505)
Balance, end of period (at original discount rate) $ 75,872 $ 75,472 $ 86,720 $ 87,268 $ 87,068
Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)
$ 2,266 $ 7,750 $ 12,786 $ 12,503 $ 12,377
Add: Accumulated other comprehensive (income) loss
(27) (149) (63) 116 67
Balance, end of period (at original discount rate)
$ 2,239 $ 7,601 $ 12,723 $ 12,619 $ 12,444
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Balance, end of period
$ 92,197 $ 92,291 $ 93,549 $ 96,115 $ 99,283
Policyholder account balances subject to reinsurance
$ 3,327 $ 4,297 $ 4,571 $ 5,131
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Balance, end of period
$ 165,830 $ 156,835 $ 163,249 $ 166,193 $ 168,776
TOTAL LIABILITIES
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
General account retained balances (3)
$ 165,830 $ 156,835 $ 163,249 $ 166,193 $ 168,776
Separate account liabilities
54,864 55,671 57,128 56,089 56,447
Synthetic GICS (4) 53,740 51,920 52,664 52,257 52,056
Longevity Reinsurance (5)
30,087 29,293 37,025 36,440 36,001
Total liability exposure retained, end of period
$ 304,521 $ 293,719 $ 310,066 $ 310,979 $ 313,280
Total liability exposure, end of period
$ 306,760 $ 304,647 $ 327,086 $ 328,169 $ 330,855
(1)Includes $3,910 million, $3,964 million, $3,948 million, $3,973 million and $3,960 million of DPL at June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance.
(4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.
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RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Direct and allocated expenses $ 89 $ 88 $ 90 $ 93 $ 86
Pension, postretirement and postemployment benefit costs 4 4 5 5 4
Premium taxes, other taxes, and licenses & fees 3 7 32 15 7
Commissions and other variable expenses 64 71 69 103 108
Adjusted other expenses $ 160 $ 170 $ 196 $ 216 $ 205
Adjusted capitalization of DAC
(46) (50) (80) (87) (83)
Adjusted other expenses, net of adjusted capitalization of DAC
$ 114 $ 120 $ 116 $ 129 $ 122
SPREAD
For the Three Months Ended
Unaudited June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Investment income yield, excluding variable investment income yield
5.07 % 5.07 % 5.10 % 5.02 % 5.07 %
Variable investment income yield 5.45 % 13.46 % 12.37 % 12.15 % 4.13 %
Total investment income yield 5.08 % 5.36 % 5.35 % 5.26 % 5.04 %
Average crediting rate 4.31 % 4.33 % 4.34 % 4.28 % 4.27 %
Amortization of DPL and losses at inception (1) (0.21) % (0.24) % (0.23) % (0.21) % (0.20) %
Total average crediting rate 4.10 % 4.09 % 4.11 % 4.07 % 4.07 %
Annualized general account spread (2)
0.98 % 1.27 % 1.24 % 1.19 % 0.97 %
Annualized general account spread, excluding variable investment income yield
0.97 % 0.98 % 0.99 % 0.95 % 1.00 %
(1)Includes the amortization of DPL of (0.22%) for the three months ended June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, (0.22%) for the three months ended March 31, 2026, and (0.21%) for the three months ended June 30, 2026.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
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ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ 1,278 $ 1,290 $ 1,222 $ 1,294 $ 1,237 $ 2,538 $ 2,531
Universal life and investment-type product policy fees 399 407 428 427 441 805 868
Net investment income 1,204 1,374 1,405 1,461 1,375 2,408 2,836
Other revenues 22 20 21 17 20 37 37
Total adjusted revenues 2,903 3,091 3,076 3,199 3,073 5,788 6,272
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,051 1,074 1,010 1,088 1,030 2,088 2,118
Policyholder liability remeasurement (gains) losses (12) (141) 6 (15) (15) (23) (30)
Interest credited to policyholder account balances 757 804 825 833 862 1,468 1,695
Capitalization of DAC (418) (435) (413) (465) (470) (769) (935)
Amortization of DAC, VOBA and negative VOBA 223 207 208 211 214 439 425
Interest expense on debt — — — — — — —
Other expenses 813 830 815 858 862 1,562 1,720
Total adjusted expenses 2,414 2,339 2,451 2,510 2,483 4,765 4,993
Adjusted earnings before provision for income tax 489 752 625 689 590 1,023 1,279
Provision for income tax expense (benefit) 143 212 181 202 170 305 372
Adjusted earnings 346 540 444 487 420 718 907
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 346 $ 540 $ 444 $ 487 $ 420 $ 718 $ 907
Less: Total notable items
— 70 — — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ 346 $ 470 $ 444 $ 487 $ 420 $ 718 $ 907
Adjusted premiums, fees and other revenues $ 1,699 $ 1,717 $ 1,671 $ 1,738 $ 1,698 $ 3,380 $ 3,436
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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Adjusted premiums, fees and other revenues $ 1,699 $ 1,717 $ 1,671 $ 1,738 $ 1,698
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,603 $ 1,635 $ 1,642 $ 1,717 $ 1,698
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Direct and allocated expenses $ 304 $ 303 $ 303 $ 298 $ 299
Pension, postretirement and postemployment benefit costs 14 13 17 11 12
Premium taxes, other taxes, and licenses & fees 33 33 38 37 36
Commissions and other variable expenses 462 481 457 512 515
Adjusted other expenses $ 813 $ 830 $ 815 $ 858 $ 862
Adjusted capitalization of DAC
(418) (435) (413) (465) (470)
Adjusted other expenses, net of adjusted capitalization of DAC $ 395 $ 395 $ 402 $ 393 $ 392
Adjusted other expenses, on a constant currency basis
$ 755 $ 783 $ 794 $ 846 $ 862
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Japan:
Life $ 155 $ 211 $ 167 $ 163 $ 151
Accident & Health 62 61 57 113 118
Annuities 227 178 119 127 186
Other 2 1 1 1 2
Total Japan 446 451 344 404 457
Other Asia 232 318 245 355 337
Total sales $ 678 $ 769 $ 589 $ 759 $ 794
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Adjusted earnings available to common shareholders $ 346 $ 540 $ 444 $ 487 $ 420
Adjusted earnings available to common shareholders, excluding total notable items
$ 346 $ 470 $ 444 $ 487 $ 420
Adjusted earnings available to common shareholders, on a constant currency basis $ 337 $ 520 $ 442 $ 485 $ 420
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$ 337 $ 450 $ 442 $ 485 $ 420
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Asia GA AUM $ 129,325 $ 131,751 $ 130,514 $ 128,978 $ 129,513
Asia GA AUM (at amortized cost) $ 139,158 $ 140,892 $ 140,168 $ 140,660 $ 141,211
Asia GA AUM (at amortized cost), on a constant currency basis $ 133,476 $ 136,444 $ 138,234 $ 139,816 $ 141,211
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LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ 1,260 $ 1,288 $ 1,443 $ 1,485 $ 1,498 $ 2,424 $ 2,983
Universal life and investment-type product policy fees 371 377 359 419 416 711 835
Net investment income 445 416 429 409 587 853 996
Other revenues 3 (2) (6) (7) (15) 12 (22)
Total adjusted revenues 2,079 2,079 2,225 2,306 2,486 4,000 4,792
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,216 1,218 1,320 1,349 1,471 2,307 2,820
Policyholder liability remeasurement (gains) losses — (4) — — 5 (3) 5
Interest credited to policyholder account balances 96 92 87 85 101 194 186
Capitalization of DAC (176) (203) (219) (240) (226) (348) (466)
Amortization of DAC, VOBA and negative VOBA 137 149 156 173 186 266 359
Interest expense on debt 4 4 3 5 4 8 9
Other expenses 485 615 608 604 594 968 1,198
Total adjusted expenses 1,762 1,871 1,955 1,976 2,135 3,392 4,111
Adjusted earnings before provision for income tax 317 208 270 330 351 608 681
Provision for income tax expense (benefit) 84 60 72 101 83 156 184
Adjusted earnings 233 148 198 229 268 452 497
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders $ 233 $ 148 $ 198 $ 229 $ 268 $ 452 $ 497
Less: Total notable items
— (75) (29) — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ 233 $ 223 $ 227 $ 229 $ 268 $ 452 $ 497
Adjusted premiums, fees and other revenues $ 1,634 $ 1,663 $ 1,796 $ 1,897 $ 1,899 $ 3,147 $ 3,796
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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Direct and allocated expenses $ 143 $ 147 $ 151 $ 158 $ 171
Pension, postretirement and postemployment benefit costs 2 1 3 2 2
Premium taxes, other taxes, and licenses & fees 22 123 66 32 26
Commissions and other variable expenses 318 344 388 412 395
Adjusted other expenses $ 485 $ 615 $ 608 $ 604 $ 594
Adjusted capitalization of DAC
(176) (203) (219) (240) (226)
Adjusted other expenses, net of adjusted capitalization of DAC
$ 309 $ 412 $ 389 $ 364 $ 368
Adjusted other expenses, on a constant currency basis
$ 534 $ 651 $ 644 $ 611 $ 594
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 339 $ 433 $ 413 $ 367 $ 368
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Mexico $ 205 $ 228 $ 229 $ 271 $ 194
Chile 135 129 131 136 140
All other 79 117 114 119 122
Total sales $ 419 $ 474 $ 474 $ 526 $ 456
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Adjusted premiums, fees and other revenues $ 1,634 $ 1,663 $ 1,796 $ 1,897 $ 1,899
Adjusted earnings available to common shareholders $ 233 $ 148 $ 198 $ 229 $ 268
Adjusted earnings available to common shareholders, excluding total notable items
$ 233 $ 223 $ 227 $ 229 $ 268
Adjusted premiums, fees and other revenues, on a constant currency basis $ 1,789 $ 1,780 $ 1,882 $ 1,905 $ 1,899
Adjusted earnings available to common shareholders, on a constant currency basis $ 258 $ 166 $ 205 $ 230 $ 268
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$ 258 $ 241 $ 234 $ 230 $ 268
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EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ 626 $ 638 $ 679 $ 689 $ 698 $ 1,208 $ 1,387
Universal life and investment-type product policy fees 84 82 98 99 98 162 197
Net investment income 61 66 68 67 67 119 134
Other revenues 9 7 10 9 10 17 19
Total adjusted revenues 780 793 855 864 873 1,506 1,737
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 309 333 334 337 335 586 672
Policyholder liability remeasurement (gains) losses 4 3 (1) 3 (5) 4 (2)
Interest credited to policyholder account balances 20 21 25 21 21 37 42
Capitalization of DAC (136) (151) (155) (155) (162) (262) (317)
Amortization of DAC, VOBA and negative VOBA 88 85 100 97 110 182 207
Interest expense on debt — — — — — — —
Other expenses 367 387 423 418 441 722 859
Total adjusted expenses 652 678 726 721 740 1,269 1,461
Adjusted earnings before provision for income tax 128 115 129 143 133 237 276
Provision for income tax expense (benefit) 28 28 32 33 25 54 58
Adjusted earnings 100 87 97 110 108 183 218
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders 100 87 97 110 108 183 218
Less: Total notable items
— (1) — — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ 100 $ 88 $ 97 $ 110 $ 108 $ 183 $ 218
Adjusted premiums, fees and other revenues $ 719 $ 727 $ 787 $ 797 $ 806 $ 1,387 $ 1,603
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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Direct and allocated expenses $ 111 $ 111 $ 120 $ 122 $ 120
Pension, postretirement and postemployment benefit costs (3) 2 1 1 3
Premium taxes, other taxes, and licenses & fees 6 7 9 7 18
Commissions and other variable expenses 253 267 293 288 300
Adjusted other expenses $ 367 $ 387 $ 423 $ 418 $ 441
Adjusted capitalization of DAC
(136) (151) (155) (155) (162)
Adjusted other expenses, net of adjusted capitalization of DAC $ 231 $ 236 $ 268 $ 263 $ 279
Adjusted other expenses, on a constant currency basis
$ 366 $ 379 $ 418 $ 414 $ 441
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis $ 231 $ 232 $ 265 $ 261 $ 279
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Adjusted premiums, fees and other revenues $ 719 $ 727 $ 787 $ 797 $ 806
Adjusted earnings available to common shareholders $ 100 $ 87 $ 97 $ 110 $ 108
Adjusted earnings available to common shareholders, excluding total notable items
$ 100 $ 88 $ 97 $ 110 $ 108
Adjusted premiums, fees and other revenues, on a constant currency basis $ 717 $ 716 $ 779 $ 789 $ 806
Adjusted earnings available to common shareholders, on a constant currency basis $ 97 $ 83 $ 96 $ 108 $ 108
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$ 97 $ 84 $ 96 $ 108 $ 108
Total sales, on a constant currency basis $ 301 $ 290 $ 303 $ 363 $ 346
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MIM
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ — $ — $ — $ — $ — $ — $ —
Universal life and investment-type product policy fees — — — — — — —
Net investment income 2 1 2 5 2 3 7
Other revenues 237 238 239 314 317 455 631
Total adjusted revenues 239 239 241 319 319 458 638
Adjusted expenses
Policyholder benefits and claims and policyholder dividends — — — — — — —
Policyholder liability remeasurement (gains) losses — — — — — — —
Interest credited to policyholder account balances — — — — — — —
Capitalization of DAC — — — — — — —
Amortization of DAC, VOBA and negative VOBA — — — — — — —
Interest expense on debt — — — 1 1 — 2
Other expenses 167 161 161 255 242 349 497
Total adjusted expenses 167 161 161 256 243 349 499
Adjusted earnings before provision for income tax 72 78 80 63 76 109 139
Provision for income tax expense (benefit) 18 20 20 16 19 27 35
Adjusted earnings 54 58 60 47 57 82 104
Preferred stock dividends — — — — — — —
Adjusted earnings available to common shareholders 54 58 60 47 57 82 104
Less: Total notable items
— — — — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ 54 $ 58 $ 60 $ 47 $ 57 $ 82 $ 104
Operating margin (1)
30.1 % 32.6 % 33.2 % 19.7 % 23.8 % 23.8 % 21.8 %
(1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.
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MIM
ASSETS UNDER MANAGEMENT
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Institutional Client AUM
Beginning Institutional Client AUM $ 185,970 $ 200,616 $ 212,390 $ 319,282 $ 313,157
Additions 17,118 19,078 19,806 16,264 17,137
Withdrawals (9,103) (9,366) (14,194) (18,297) (18,486)
Change in market value 6,631 2,062 1,770 (4,092) 8,651
Acquisitions, dispositions and other — — 99,510 — —
Ending Institutional Client AUM (1) $ 200,616 $ 212,390 $ 319,282 $ 313,157 $ 320,459
MIM GA AUM $ 423,671 $ 420,204 $ 422,392 $ 423,134 $ 427,667
Total AUM $ 624,287 $ 632,594 $ 741,674 $ 736,291 $ 748,126
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Institutional Client $ 95 $ 98 $ 99 $ 172 $ 173
General Account 142 140 140 142 144
Other revenues $ 237 $ 238 $ 239 $ 314 $ 317
(1)Includes $19.5 billion, $18.8 billion and $282.2 billion of Separate Account AUM, Reinsurance AUM and Third‑Party AUM, respectively, at June 30, 2026; $14.5 billion, $19.6 billion and $279.1 billion, respectively, at March 31, 2026; and $15.8 billion, $20.1 billion and $283.4 billion, respectively, at December 31, 2025. At June 30, 2026, certain balances that were previously included in Third-Party AUM were reclassified to exclude them from Third-Party AUM and include them as Separate Account AUM.
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CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Adjusted revenues
Premiums $ 632 $ 632 $ 684 $ 592 $ 596 $ 1,298 $ 1,188
Universal life and investment-type product policy fees 63 55 37 34 38 131 72
Net investment income 979 1,038 1,086 953 944 1,978 1,897
Other revenues (93) (91) (96) (118) (111) (180) (229)
Total adjusted revenues 1,581 1,634 1,711 1,461 1,467 3,227 2,928
Adjusted expenses
Policyholder benefits and claims and policyholder dividends 1,171 1,160 1,202 1,110 1,063 2,381 2,173
Policyholder liability remeasurement (gains) losses 16 4 6 22 33 32 55
Interest credited to policyholder account balances 35 37 29 27 18 71 45
Capitalization of DAC (4) (6) (8) (6) (3) (11) (9)
Amortization of DAC, VOBA and negative VOBA 52 55 52 49 42 107 91
Interest expense on debt 260 263 256 255 264 510 519
Other expenses 192 221 260 196 205 380 401
Total adjusted expenses 1,722 1,734 1,797 1,653 1,622 3,470 3,275
Adjusted earnings before provision for income tax (141) (100) (86) (192) (155) (243) (347)
Provision for income tax expense (benefit) (30) (20) (47) (60) (26) (69) (86)
Adjusted earnings (111) (80) (39) (132) (129) (174) (261)
Preferred stock dividends 31 66 31 45 31 97 76
Adjusted earnings available to common shareholders (142) (146) (70) (177) (160) (271) (337)
Less: Total notable items
— 13 (32) — — — —
Adjusted earnings available to common shareholders, excluding total notable items
$ (142) $ (159) $ (38) $ (177) $ (160) $ (271) $ (337)
Adjusted premiums, fees and other revenues $ 602 $ 596 $ 625 $ 508 $ 523 $ 1,249 $ 1,031
Adjusted earnings available to common shareholders attributed to business activities $ 115 $ 173 $ 146 $ 109 $ 129 $ 235 $ 238
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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Annuities $ 1,466 $ 1,457 $ 1,442 $ 1,408 $ 1,406
Long-term care
14,803 15,309 15,224 14,978 15,345
Life and Other 52,748 52,480 52,285 51,954 51,663
Balance, end of period (at balance sheet discount rate)
$ 69,017 $ 69,246 $ 68,951 $ 68,340 $ 68,414
Less:
Annuities $ (43) $ (26) $ (32) $ (49) $ (47)
Long-term care
(922) (547) (751) (1,124) (895)
Life and Other (26) (10) (20) (39) (32)
Accumulated other comprehensive (income) loss $ (991) $ (583) $ (803) $ (1,212) $ (974)
Annuities $ 1,509 $ 1,483 $ 1,474 $ 1,457 $ 1,453
Long-term care
15,725 15,856 15,975 16,102 16,240
Life and Other 52,774 52,490 52,305 51,993 51,695
Balance, end of period (at original discount rate) $ 70,008 $ 69,829 $ 69,754 $ 69,552 $ 69,388
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities $ 1,345 $ 1,326 $ 1,294 $ 1,255 $ 1,243
Long-term care
— — — — —
Life and Other 2,455 2,474 3,934 3,920 3,922
Balance, end of period (at balance sheet discount rate)
$ 3,800 $ 3,800 $ 5,228 $ 5,175 $ 5,165
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Annuities $ 6,633 $ 6,545 $ 6,383 $ 6,184 $ 6,039
Life and Other 7,226 7,164 7,093 7,020 6,966
Balance, end of period $ 13,859 $ 13,709 $ 13,476 $ 13,204 $ 13,005
Policyholder account balances subject to reinsurance (2)
Annuities $ 2,848 $ 2,761 $ 4,258 $ 4,133 $ 4,014
Life and Other 6,240 6,178 6,119 6,104 6,036
Balance, end of period
$ 9,088 $ 8,939 $ 10,377 $ 10,237 $ 10,050
MARKET RISK BENEFITS
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Annuities $ 2,056 $ 1,957 $ 1,788 $ 1,948 $ 1,612
Market risk benefits subject to reinsurance (2)
$ — $ — $ 285 $ 373 $ 209
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Annuities $ 20,317 $ 20,252 $ 19,621 $ 18,347 $ 19,258
Life and Other 7,022 7,317 7,302 6,888 7,697
Balance, end of period $ 27,339 $ 27,569 $ 26,923 $ 25,235 $ 26,955
Separate account liabilities subject to reinsurance (3)
Annuities $ 77 $ 77 $ 8,354 $ 7,767 $ 8,276
Life and Other 6,429 6,688 6,666 6,284 7,021
Balance, end of period
$ 6,506 $ 6,765 $ 15,020 $ 14,051 $ 15,297
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets are retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
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INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
At or For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions, except yields) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Fixed Maturity Securities
Yield (1) 4.61 % 4.61 % 4.57 % 4.50 % 4.88 % 4.49 % 4.69 %
Investment income (2), (3) $ 3,517 $ 3,485 $ 3,504 $ 3,491 $ 3,845 $ 6,776 $ 7,336
Investment gains (losses) (124) (150) (105) (213) (209) (368) (422)
Ending carrying value (4) 297,565 296,663 299,659 300,040 306,674 297,565 306,674
Mortgage Loans
Yield (1) 5.12 % 5.22 % 5.26 % 5.19 % 5.31 % 5.17 % 5.25 %
Investment income (3) 1,026 1,009 1,005 979 992 2,082 1,971
Investment gains (losses) (288) (65) (93) (119) (174) (447) (293)
Ending carrying value (5) 79,848 76,896 75,767 75,290 74,128 79,848 74,128
Real Estate and Real Estate Joint Ventures
Yield (1) 3.47 % 1.83 % 4.64 % 3.64 % 4.77 % 3.74 % 4.20 %
Investment income 120 63 158 120 155 254 275
Investment gains (losses) 3 47 9 (125) (47) (37) (172)
Ending carrying value (6) 14,007 13,932 13,431 13,276 12,922 14,007 12,922
Policy Loans
Yield (1) 5.64 % 5.76 % 5.74 % 5.67 % 5.89 % 5.51 % 5.78 %
Investment income 113 115 114 109 108 220 217
Ending carrying value (7) 8,664 8,589 8,547 8,097 7,870 8,664 7,870
Equity Securities
Yield (1) 2.30 % 3.46 % 5.16 % 4.36 % 2.78 % 4.24 % 3.55 %
Investment income 3 4 7 6 4 12 10
Investment gains (losses) 45 17 15 (16) 19 33 3
Ending carrying value (8) 790 788 753 804 812 790 812
Other Limited Partnership Interests
Yield (1) 3.46 % 11.89 % 11.37 % 11.75 % 3.16 % 4.84 % 7.55 %
Investment income 122 431 419 436 112 344 548
Investment gains (losses) 21 4 — (43) 6 20 (37)
Ending carrying value (9) 14,265 14,726 14,712 14,222 14,170 14,265 14,170
Cash and Cash Equivalents and Short-term Investments
Yield (1) 4.19 % 4.36 % 4.07 % 4.04 % 3.69 % 4.30 % 3.86 %
Investment income 232 239 208 206 196 456 402
Investment gains (losses) (38) 13 35 (3) 27 (47) 24
Ending carrying value (10) 27,432 25,853 24,319 26,606 26,828 27,432 26,828
Other Invested Assets
Investment income 218 241 318 341 315 583 656
Investment gains (losses) 25 (76) (104) (31) 4 29 (27)
Ending carrying value (11) 16,350 16,871 16,193 17,391 17,471 16,350 17,471
Total Investments
Investment income yield (1) 4.73 % 4.99 % 5.10 % 5.03 % 5.02 % 4.78 % 5.03 %
Investment fees and expenses yield (1) (0.13) % (0.13) % (0.14) % (0.17) % (0.16) % (0.14) % (0.16) %
Net Investment Income Yield (1) 4.60 % 4.86 % 4.96 % 4.86 % 4.86 % 4.64 % 4.87 %
Investment income $ 5,351 $ 5,587 $ 5,733 $ 5,688 $ 5,727 $ 10,727 $ 11,415
Investment fees and expenses (149) (147) (156) (189) (176) (311) (365)
Net investment income including divested businesses 5,202 5,440 5,577 5,499 5,551 10,416 11,050
Less: Net investment income from divested businesses — — — — — 1 —
Adjusted Net Investment Income (12) $ 5,202 $ 5,440 $ 5,577 $ 5,499 $ 5,551 $ 10,415 $ 11,050
Ending Carrying Value $ 458,921 $ 454,318 $ 453,381 $ 455,726 $ 460,875 $ 458,921 $ 460,875
Investment Portfolio Gains (Losses) (13) $ (356) $ (210) $ (243) $ (549) $ (374) $ (817) $ (923)
Gross investment gains 204 373 418 247 325 346 572
Gross investment losses (264) (269) (471) (513) (564) (687) (1,077)
Net credit loss (provision) release and (impairments) (296) (314) (190) (283) (135) (476) (418)
Investment Portfolio Gains (Losses) (13) (356) (210) (243) (549) (374) (817) (923)
Investment portfolio gains (losses) income tax (expense) benefit 94 41 75 125 101 210 226
Investment Portfolio Gains (Losses), Net of Income Tax $ (262) $ (169) $ (168) $ (424) $ (273) $ (607) $ (697)
Derivative Gains (Losses) (13) $ (892) $ (746) $ (844) $ (256) $ (798) $ (548) $ (1,054)
Derivative gains (losses) income tax (expense) benefit 181 193 192 81 191 82 272
Derivative Gains (Losses), Net of Income Tax $ (711) $ (553) $ (652) $ (175) $ (607) $ (466) $ (782)
See footnotes on Pages 28 and 29.
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INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. corporate $ 81,562 27.5 % $ 81,720 27.7 % $ 83,048 27.8 % $ 83,279 27.8 % $ 85,119 27.9 %
Foreign corporate 58,792 19.9 % 57,798 19.6 % 58,260 19.6 % 57,727 19.4 % 59,198 19.4 %
Residential mortgage-backed 40,764 13.8 % 41,292 14.0 % 42,431 14.3 % 43,115 14.5 % 43,836 14.4 %
Foreign government 42,097 14.2 % 41,610 14.1 % 40,028 13.4 % 39,249 13.2 % 39,339 12.9 %
U.S. government and agency 32,463 11.0 % 32,315 11.0 % 33,706 11.3 % 33,204 11.1 % 33,399 11.0 %
Asset-backed securities and collateralized loan obligations 20,929 7.1 % 20,313 6.9 % 20,757 7.0 % 22,241 7.5 % 24,353 8.0 %
Municipals 9,802 3.3 % 10,486 3.6 % 10,579 3.6 % 10,363 3.5 % 10,348 3.4 %
Commercial mortgage-backed 9,428 3.2 % 9,245 3.1 % 8,922 3.0 % 8,925 3.0 % 9,045 3.0 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$ 295,837 100.0 % $ 294,779 100.0 % $ 297,731 100.0 % $ 298,103 100.0 % $ 304,637 100.0 %
Reinsurance activity
2,900 9,866 18,200 18,007 17,546
Fixed Maturity Securities Available-For-Sale $ 298,737 $ 304,645 $ 315,931 $ 316,110 $ 322,183
NRSRO NAIC
RATING DESIGNATION
Aaa / Aa / A 1 $ 203,465 68.8 % $ 202,215 68.7 % $ 203,858 68.5 % $ 204,363 68.6 % $ 208,376 68.4 %
Baa 2 80,262 27.1 % 80,465 27.3 % 81,877 27.5 % 81,961 27.5 % 84,187 27.6 %
Ba 3 8,566 2.9 % 8,364 2.8 % 8,273 2.8 % 8,103 2.7 % 8,405 2.8 %
B 4 3,260 1.1 % 3,379 1.1 % 3,379 1.1 % 3,251 1.1 % 3,311 1.1 %
Caa and lower 5 204 0.1 % 258 0.1 % 249 0.1 % 299 0.1 % 270 0.1 %
In or near default 6 80 — % 98 — % 95 — % 126 — % 88 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$ 295,837 100.0 % $ 294,779 100.0 % $ 297,731 100.0 % $ 298,103 100.0 % $ 304,637 100.0 %
Reinsurance activity
2,900 9,866 18,200 18,007 17,546
Fixed Maturity Securities Available-For-Sale (14)
$ 298,737 $ 304,645 $ 315,931 $ 316,110 $ 322,183
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Gross unrealized gains $ 6,192 $ 7,130 $ 6,910 $ 5,436 $ 5,237
Gross unrealized losses 28,951 26,495 27,287 30,319 29,784
Net Unrealized Gains (Losses), excluding Reinsurance activity
$ (22,759) $ (19,365) $ (20,377) $ (24,883) $ (24,547)
Reinsurance activity
(88) (575) (644) (925) (827)
Net Unrealized Gains (Losses) $ (22,847) $ (19,940) $ (21,021) $ (25,808) $ (25,374)
See footnotes on Pages 28 and 29.
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INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Commercial mortgage loans $ 46,674 $ 44,953 $ 42,406 $ 41,509 $ 39,632
Agricultural mortgage loans 18,993 18,045 18,284 18,095 18,512
Residential mortgage loans 15,286 14,968 16,060 16,682 17,135
Mortgage loans held-for-sale — — 35 35 —
Total 80,953 77,966 76,785 76,321 75,279
Allowance for credit loss (1,105) (1,070) (1,018) (1,031) (1,151)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
79,848 76,896 75,767 75,290 74,128
Reinsurance activity
78 2,270 2,459 2,510 3,113
Third-party mortgage loan activity
6,942 6,677 6,367 5,926 5,615
Mortgage loans
$ 86,868 $ 85,843 $ 84,593 $ 83,726 $ 82,856
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
Pacific $ 8,611 18.4 % $ 8,617 19.2 % $ 8,395 19.8 % $ 8,466 20.4 % $ 8,275 20.9 %
Non-U.S. 7,839 16.8 % 7,555 16.8 % 7,076 16.7 % 6,824 16.5 % 6,729 17.0 %
Middle Atlantic 6,561 14.1 % 6,369 14.2 % 5,699 13.4 % 5,385 13.0 % 4,965 12.5 %
South Atlantic 5,630 12.1 % 5,321 11.8 % 5,205 12.3 % 4,988 12.0 % 4,918 12.4 %
West South Central 3,274 7.0 % 3,195 7.1 % 3,260 7.7 % 3,122 7.5 % 2,956 7.5 %
Mountain 2,470 5.3 % 2,369 5.3 % 2,348 5.5 % 2,341 5.6 % 2,318 5.8 %
New England 2,386 5.1 % 2,340 5.2 % 2,249 5.3 % 2,248 5.4 % 2,096 5.3 %
East North Central 1,460 3.1 % 1,398 3.1 % 1,185 2.8 % 1,148 2.8 % 1,145 2.9 %
East South Central 476 1.0 % 453 1.0 % 451 1.1 % 430 1.0 % 430 1.1 %
West North Central 407 0.9 % 405 0.9 % 401 0.9 % 399 1.0 % 398 1.0 %
Multi-Region and Other 7,560 16.2 % 6,931 15.4 % 6,137 14.5 % 6,158 14.8 % 5,402 13.6 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
46,674 100.0 % 44,953 100.0 % 42,406 100.0 % 41,509 100.0 % 39,632 100.0 %
Reinsurance activity
78 735 832 795 906
Third-party mortgage loan activity
6,703 6,503 6,162 5,725 5,410
Total
$ 53,455 $ 52,191 $ 49,400 $ 48,029 $ 45,948
Office $ 17,437 37.3 % $ 16,820 37.4 % $ 16,088 38.0 % $ 15,474 37.3 % $ 14,746 37.2 %
Apartment 8,156 17.5 % 8,035 17.9 % 7,669 18.1 % 7,895 19.0 % 7,641 19.3 %
Retail 6,768 14.5 % 6,505 14.5 % 6,013 14.2 % 5,975 14.4 % 5,980 15.1 %
Single Family Rental 4,780 10.2 % 4,481 9.9 % 4,221 9.9 % 4,160 10.0 % 3,538 8.9 %
Industrial 3,942 8.5 % 3,764 8.4 % 3,611 8.5 % 3,353 8.1 % 3,345 8.4 %
Hotel 3,285 7.0 % 3,151 7.0 % 3,134 7.4 % 2,851 6.9 % 2,719 6.9 %
Warehouse Revolvers 2,218 4.8 % 2,111 4.7 % 1,578 3.7 % 1,712 4.1 % 1,577 4.0 %
Other 88 0.2 % 86 0.2 % 92 0.2 % 89 0.2 % 86 0.2 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
46,674 100.0 % 44,953 100.0 % 42,406 100.0 % 41,509 100.0 % 39,632 100.0 %
Reinsurance activity
78 735 832 795 906
Third-party mortgage loan activity
6,703 6,503 6,162 5,725 5,410
Total
$ 53,455 $ 52,191 $ 49,400 $ 48,029 $ 45,948
See footnotes on Pages 28 and 29.
27
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INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Reinsurance activity, Third-party mortgage loan activity, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $107 million, $99 million, $39 million, ($30) million, and $162 million for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026, respectively, and $87 million and $132 million for the year-to-date period ended June 30, 2025 and June 30, 2026, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Fixed maturity securities available-for-sale $ 298,737 $ 304,645 $ 315,931 $ 316,110 $ 322,183
Less: Reinsurance activity 2,900 9,866 18,200 18,007 17,546
Fixed maturity securities available-for-sale, excluding Reinsurance activity $ 295,837 $ 294,779 $ 297,731 $ 298,103 $ 304,637
Add: Fair value option general account and other securities 1,728 1,884 1,928 1,937 2,037
Fixed maturity securities, excluding Reinsurance activity $ 297,565 $ 296,663 $ 299,659 $ 300,040 $ 306,674
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Mortgage Loans $ 86,868 $ 85,843 $ 84,593 $ 83,726 $ 82,856
Less: Reinsurance activity 78 2,270 2,459 2,510 3,113
Less: Third-party mortgage loan activity 6,942 6,677 6,367 5,926 5,615
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity $ 79,848 $ 76,896 $ 75,767 $ 75,290 $ 74,128
(6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Real estate and real estate joint ventures $ 14,007 $ 13,932 $ 13,440 $ 13,356 $ 13,065
Less: Reinsurance activity — — 9 80 143
Real estate and real estate joint ventures, excluding Reinsurance activity $ 14,007 $ 13,932 $ 13,431 $ 13,276 $ 12,922
(7)The following table presents a reconciliation to ending carrying value presented for policy loans.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Policy loans $ 8,664 $ 8,589 $ 8,547 $ 8,455 $ 8,226
Less: Reinsurance activity — — — 358 356
Policy loans, excluding Reinsurance activity $ 8,664 $ 8,589 $ 8,547 $ 8,097 $ 7,870
(8)The following table presents a reconciliation to ending carrying value presented for equity securities.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Equity securities $ 790 $ 788 $ 858 $ 927 $ 932
Less: Reinsurance activity — — 105 123 120
Equity securities, excluding Reinsurance activity $ 790 $ 788 $ 753 $ 804 $ 812
(9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Other limited partnership interests $ 14,279 $ 14,741 $ 14,917 $ 14,531 $ 14,801
Less: Reinsurance activity 14 15 205 309 631
Other limited partnership interests, excluding Reinsurance activity $ 14,265 $ 14,726 $ 14,712 $ 14,222 $ 14,170
(10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Cash and cash equivalents and short-term investments $ 27,478 $ 26,195 $ 25,633 $ 27,635 $ 27,317
Less: Reinsurance activity 46 342 1,314 1,029 489
Cash and cash equivalents and short-term investments, excluding Reinsurance activity $ 27,432 $ 25,853 $ 24,319 $ 26,606 $ 26,828
(11)The following table presents a reconciliation to ending carrying value presented for other invested assets.
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Other invested assets $ 16,352 $ 16,932 $ 16,332 $ 17,624 $ 17,675
Less: Reinsurance activity
2 61 139 233 204
Other invested assets, excluding Reinsurance activity
$ 16,350 $ 16,871 $ 16,193 $ 17,391 $ 17,471
28
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INVESTMENTS
FOOTNOTES (CONTINUED)
(12)Adjusted net investment income reflects the adjustments as presented on Page 5.
(13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months Ended For the Year-to-Date Period Ended
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Net investment gains (losses) $ (273) $ (325) $ (160) $ (670) $ (428) $ (660) $ (1,098)
Less: Non-investment portfolio gains (losses) 86 (88) (39) (123) (32) 151 (155)
Less: Third-party mortgage loan activity 20 (75) 19 (10) (20) (14) (30)
Add: Depreciation of wholly-owned real estate and real estate joint ventures (72) (61) (54) (115)
Add: Joint venture adjustments 16 (53) (39) 47 12 (26) 59
Less: Reinsurance activity — (1) (7) (4) (46) — (50)
Less: Consolidated collateralized financing entities — — — — (2) — (2)
Less: Other (7) (4) (1) 2 4 (6) 6
Investment portfolio gains (losses) $ (356) $ (210) $ (243) $ (549) $ (374) $ (817) $ (923)
For the Three Months Ended For the Year-to-Date Period Ended
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Net derivative gains (losses) $ (796) $ (929) $ (646) $ 74 $ (772) $ (364) $ (698)
Less: Investment hedge adjustments 102 100 105 84 170 205 254
Add: Joint venture adjustments — 45 (25) (29) 11 — (18)
Less: Reinsurance activity (22) (247) 63 218 (130) (57) 88
Less: Other 16 9 5 (1) (3) 36 (4)
Derivative gains (losses) $ (892) $ (746) $ (844) $ (256) $ (798) $ (548) $ (1,054)
(14)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
29
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Appendix
Table of Contents
APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders $ 698 $ 818 $ 778 $ 1,140 $ 705 $ 1,577 $ 1,845
Add: Preferred stock dividends 31 66 31 45 31 97 76
Add: Preferred stock redemption premium — 12 — — — — —
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 6 6 7 (23) 43 11 20
Net income (loss) 735 902 816 1,162 779 1,685 1,941
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses) (273) (325) (160) (670) (428) (660) (1,098)
Net derivative gains (losses) (796) (929) (646) 74 (772) (364) (698)
Market risk benefit remeasurement gains (losses) 277 263 267 (120) 270 (22) 150
Premiums - Divested businesses
3 — 1 — — 7 —
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
— — 6 25 24 — 49
Divested businesses
— — — — — — —
Net investment income
Investment hedge adjustments (102) (100) (105) (84) (170) (205) (254)
Joint venture adjustments 16 (8) (64) 18 23 (26) 41
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72) (61) (54) (115)
Unit-linked contract income 498 580 366 (318) 998 271 680
Reinsurance activity
47 177 222 301 331 90 632
Consolidated collateralized financing entities — — — — 23 — 23
Divested businesses — — — — — 1 —
Other revenues
Asymmetrical and non-economic accounting 42 78 94 107 107 78 214
Other adjustments (16) (15) (17) — (3) (31) (3)
Divested businesses — 2 (2) — — — —
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting (1) 52 (395) 35 (128) (76) (93)
Market volatility 40 49 76 74 86 84 160
Divested businesses 1 (1) (2) — — — —
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting — (2) (1) 1 1 — 2
Divested businesses — — — — — — —
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting (30) (68) (61) (57) (96) (94) (153)
Unit-linked contract costs (486) (578) (366) 302 (992) (252) (690)
Divested businesses — — — — — — —
Capitalization of DAC - Divested businesses
— — — — — — —
Amortization of DAC, VOBA and negative VOBA
Asymmetrical and non-economic accounting
— — (1) (3) (4) — (7)
Divested businesses
— — — — — — —
Interest expense on debt
Consolidated collateralized financing entities — — — — (19) — (19)
Divested businesses — — — — — — —
Other expenses
Reinsurance activity
(45) (135) (166) (205) (201) (87) (406)
Other adjustments, excluding Reinsurance activity (21) (2) (15) (53) (48) (40) (101)
Divested businesses (7) (9) (12) (5) (7) (15) (12)
Goodwill impairment — — — — — — —
Provision for income tax (expense) benefit 195 223 190 170 234 218 404
Adjusted earnings 1,393 1,650 1,679 1,631 1,604 2,808 3,235
Less: Preferred stock dividends 31 66 31 45 31 97 76
Adjusted earnings available to common shareholders $ 1,362 $ 1,584 $ 1,648 $ 1,586 $ 1,573 $ 2,711 $ 3,159
(1)See Page A-7 for further information.
A-1
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments $ — $ 89 $ — $ — $ — $ — $ —
Litigation reserves and settlement costs — — (32) — — — —
Tax adjustments — (71) (29) — — — —
Total notable items $ — $ 18 $ (61) $ — $ — $ — $ —
GROUP BENEFITS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments $ — $ (2) $ — $ — $ — $ — $ —
Total notable items $ — $ (2) $ — $ — $ — $ — $ —
RIS
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments $ — $ 13 $ — $ — $ — $ — $ —
Total notable items $ — $ 13 $ — $ — $ — $ — $ —
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
Table of Contents
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments
$ — $ 70 $ — $ — $ — $ — $ —
Total notable items
$ — $ 70 $ — $ — $ — $ — $ —
LATIN AMERICA
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments
$ — $ (4) $ — $ — $ — $ — $ —
Tax adjustments
— (71) (29) — — — —
Total notable items
$ — $ (75) $ (29) $ — $ — $ — $ —
EMEA
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments
$ — $ (1) $ — $ — $ — $ — $ —
Total notable items
$ — $ (1) $ — $ — $ — $ — $ —
CORPORATE & OTHER
For the Three Months Ended For the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026
Actuarial assumption review and other insurance adjustments
$ — $ 13 $ — $ — $ — $ — $ —
Litigation reserves and settlement costs — — (32) — — — —
Total notable items $ — $ 13 $ (32) $ — $ — $ — $ —
A-3
Table of Contents
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Total MetLife, Inc.'s stockholders' equity $ 27,685 $ 28,944 $ 28,398 $ 27,324 $ 27,441
Less: Preferred stock 3,818 2,830 2,830 2,830 2,830
MetLife, Inc.'s common stockholders' equity 23,867 26,114 25,568 24,494 24,611
Less: Unrealized investment gains (losses), net of related offsets and income tax (16,484) (14,667) (15,614) (19,380) (18,677)
Deferred gains (losses) on derivatives, net of income tax
(1,466) (1,239) (1,588) (1,015) (1,325)
Future policy benefits discount rate remeasurement gains (losses), net of income tax 5,876 6,028 6,871 9,001 9,064
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (64) (83) (97) (56) (80)
Defined benefit plans adjustment, net of income tax (1,407) (1,390) (1,393) (1,374) (1,357)
Embedded derivatives - funds withheld on ceded reinsurance, net of income tax (1)
(83) 92 (8) 231 180
Total MetLife, Inc.'s adjusted common stockholders' equity
37,495 37,373 37,397 37,087 36,806
Less: Accumulated year-to-date total notable items, net of income tax (2)
— 18 (43) — —
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$ 37,495 $ 37,355 $ 37,440 $ 37,087 $ 36,806
Unaudited (In millions, except per share data) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Book value per common share $ 35.79 $ 39.52 $ 39.02 $ 37.92 $ 38.59
Less: Unrealized investment gains (losses), net of related offsets and income tax (24.72) (22.20) (23.83) (30.00) (29.28)
Deferred gains (losses) on derivatives, net of income tax
(2.20) (1.88) (2.42) (1.57) (2.08)
Future policy benefits discount rate remeasurement gains (losses), net of income tax 8.81 9.12 10.49 13.94 14.22
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (0.10) (0.13) (0.15) (0.09) (0.13)
Defined benefit plans adjustment, net of income tax (2.11) (2.10) (2.13) (2.13) (2.13)
Embedded derivatives - funds withheld on ceded reinsurance, net of income tax (1)
(0.12) 0.14 (0.01) 0.36 0.28
Adjusted book value per common share
$ 56.23 $ 56.57 $ 57.07 $ 57.41 $ 57.71
Common shares outstanding, end of period 666.8 660.7 655.3 646.0 637.8
For the Three Months Ended (3)
Unaudited (In millions, except ratios) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Return on MetLife, Inc.'s:
Common stockholders' equity 11.7 % 13.1 % 12.0 % 18.2 % 11.5 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
14.6 % 16.9 % 17.6 % 17.0 % 17.0 %
Adjusted common stockholders' equity, excluding total notable items (2)
14.6 % 16.7 % 18.3 % 17.0 % 17.0 %
Average common stockholders' equity $ 23,771 $ 24,991 $ 25,841 $ 25,031 $ 24,553
Average adjusted common stockholders' equity
$ 37,267 $ 37,434 $ 37,385 $ 37,242 $ 36,947
Average adjusted common stockholders' equity, excluding total notable items (2)
$ 37,267 $ 37,425 $ 37,398 $ 37,242 $ 36,947
(1)Funds withheld on ceded reinsurance are embedded derivatives related to unrealized investment gains (losses) passed through to reinsurers.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.
(3)Annualized using quarter-to-date results.
A-4
Table of Contents
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
GROUP BENEFITS (1) $ 6,446 $ 6,306 $ 6,287 $ 6,539 $ 6,512
RIS (1) 1,382 1,214 7,209 2,390 1,769
ASIA 1,603 1,635 1,642 1,717 1,698
LATIN AMERICA 1,789 1,780 1,882 1,905 1,899
EMEA 717 716 779 789 806
MIM (1) 237 238 239 314 317
CORPORATE & OTHER (1) 602 596 625 508 523
Adjusted premiums, fees and other revenues, on a constant currency basis $ 12,776 $ 12,485 $ 18,663 $ 14,162 $ 13,524
Adjusted premiums, fees and other revenues $ 12,719 $ 12,461 $ 18,614 $ 14,183 $ 13,524
ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
GROUP BENEFITS (1) $ 1,052 $ 1,038 $ 1,100 $ 1,114 $ 1,109
RIS (1) 160 170 196 216 205
ASIA 755 783 794 846 862
LATIN AMERICA 534 651 644 611 594
EMEA 366 379 418 414 441
MIM (1) 167 161 161 255 242
CORPORATE & OTHER (1) 192 221 260 196 205
Adjusted other expenses, on a constant currency basis
$ 3,226 $ 3,403 $ 3,573 $ 3,652 $ 3,658
Adjusted other expenses $ 3,236 $ 3,422 $ 3,563 $ 3,661 $ 3,658
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
GROUP BENEFITS (1) $ 401 $ 456 $ 465 $ 439 $ 503
RIS (1) 370 441 454 451 377
ASIA 337 520 442 485 420
LATIN AMERICA 258 166 205 230 268
EMEA 97 83 96 108 108
MIM (1) 54 58 60 47 57
CORPORATE & OTHER (1) (142) (146) (70) (177) (160)
Adjusted earnings available to common shareholders, on a constant currency basis $ 1,375 $ 1,578 $ 1,652 $ 1,583 $ 1,573
Adjusted earnings available to common shareholders $ 1,362 $ 1,584 $ 1,648 $ 1,586 $ 1,573
(1) Amounts on a reported basis, as constant currency impact is not significant.
A-5
Table of Contents
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES
In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures: Comparable GAAP financial measures:
(i) total adjusted revenues (i) total revenues
(ii) total adjusted expenses (ii) total expenses
(iii) adjusted premiums, fees and other revenues (iii) premiums, fees and other revenues
(iv) adjusted premiums, fees and other revenues, excluding PRT (iv) premiums, fees and other revenues
(v) adjusted premiums, fees and other revenues, excluding participating contracts (v) premiums, fees and other revenues
(vi) adjusted net investment income (vi) net investment income
(vii) adjusted earnings (vii) net income (loss)
(viii) adjusted earnings available to common shareholders (viii) net income (loss) available to MetLife, Inc.’s common shareholders
(ix) adjusted earnings available to common shareholders, excluding total notable items (ix) net income (loss) available to MetLife, Inc.’s common shareholders
(x) adjusted earnings available to common shareholders per diluted common share (x) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (xi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xii)
adjusted return on equity
(xii)
return on equity
(xiii)
adjusted return on equity, excluding total notable items
(xiii)
return on equity
(xiv)
investment portfolio gains (losses)
(xiv)
net investment gains (losses)
(xv)
derivative gains (losses)
(xv)
net derivative gains (losses)
(xvi)
adjusted capitalization of DAC
(xvi)
capitalization of DAC
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xviii)
total MetLife, Inc.’s stockholders’ equity
(xix)
adjusted book value per common share
(xix)
book value per common share
(xx)
adjusted other expenses
(xx)
other expenses
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxii)
other expenses, net of capitalization of DAC
(xxiii)
adjusted expense ratio
(xxiii)
expense ratio
(xxiv)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiv)
expense ratio
(xxv)
direct expenses
(xxv)
other expenses
(xxvi)
direct expenses, excluding total notable items related to direct expenses
(xxvi)
other expenses
(xxvii)
direct expense ratio
(xxvii)
expense ratio
(xxviii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxviii)
expense ratio
(xxix) future policy benefits at original discount rate (xxix) future policy benefits at balance sheet discount rate
Any financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings materials, which are available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
A-6
Table of Contents
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:
Adjusted earnings and related measures
• adjusted earnings;
• adjusted earnings available to common shareholders;
• adjusted earnings available to common shareholders, excluding total notable items;
• adjusted earnings available to common shareholders per diluted common share;
• adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•
adjusted earnings available to common shareholders, on a constant currency basis.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•
Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•
Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”).
•
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•
Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•
Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures.
•
Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).
•
Net investment income and other expenses exclude Reinsurance activity (as defined below).
• Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities ("Consolidated collateralized financing entities").
•
Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•
Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•
“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above is calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), all net of income tax.
•
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers) and total notable items, all net of income tax.
•
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•
Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•
Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Assets Under Management
•
Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) manages or advises.
•
General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans.
•
Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
◦
Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
•
Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance:
• Statistical sales information for Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance, and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
•
PRT includes U.K. funded reinsurance.
•
“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
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APPENDIX
METLIFE
ACRONYMS
AOCI Accumulated other comprehensive income (loss)
CMBS
Commercial mortgage-backed securities
DAC Deferred policy acquisition costs
AUM
Assets under management
DPL Deferred profit liabilities
EMEA Europe, the Middle East and Africa
FCTA Foreign currency translation adjustments
GA General account
GA AUM General account assets under management
GAAP Accounting principles generally accepted in the United States of America
GICs Guaranteed interest contracts
MIM MetLife Investment Management
MIM GA AUM
MetLife Investment Management general account assets under management
NAIC National Association of Insurance Commissioners
NRSRO Nationally Recognized Statistical Rating Organization
PRT Pension risk transfers
QFS Quarterly financial supplement
RMBS
Residential mortgage-backed securities
RIS Retirement and Income Solutions
U.K.
United Kingdom
VOBA Value of business acquired
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MetLife Investment Management1 serves institutional investors, investment consultants, and intermediaries globally by combining deep specialist expertise with the strength and scale of a global platform. We are built for conviction: our experienced investment teams are accessible, accountable and actively engaged in creating investment solutions for clients. This allows us to deliver thoughtful, tailored portfolios rather than standardized capabilities. Our history of managing assets, including MetLife’s own general account, shapes our disciplined approach to risk and portfolio construction. By combining specialist expertise, local insight and institutional strength, we aim to deliver differentiated, risk-aware investment solutions. By Client Segment $ in Billions Insurance $ 125.9 Pension $ 89.9 Intermediary (including Sub-Advisory) $ 64.0 Sovereign Wealth Fund $ 12.3 Other6 $ 28.4 Institutional Client Assets Under Management5 — $320.5 Billion $748.1B 55% 20% 14% 6% 3% 2% Total Assets Under Management2 72% 22% 6% $748.1B By Core Capability Public Fixed Income Private Fixed Income Real Estate Equity Alternatives Multi-Asset Solutions Americas Asia Pacific Europe, Middle East & Africa By Region Public Fixed Income Equity Private Fixed Income Real Estate Short Duration Global Equity Corporate Private Credit U.S. Debt Investment Grade Global Focus Investment Grade U.S. Core Opportunistic Emerging Markets High Yield U.S. Core Plus Investment Grade Global Index Infrastructure Debt U.S. Value-Add Opportunistic Core-Based U.S. Equity Investment Grade U.S. Equity Corporate U.S. Small Cap High Yield U.S. Core Equity Long Duration/Liability-Driven Investment U.S. Small-Mid Cap Private Asset Based Finance U.S. Core Plus Equity Core Insurance U.S. Research Enhanced Residential Credit U.S. Value-Add Opportunistic Leveraged Finance U.S. Index Residential Whole Loans European Equity High Yield Asia Equity Single Family Rental Financing Agricultural Mortgage Loans Bank Loans Japan All Cap Sustainable & Transition Finance Collateralized Loan Obligations Asia ex Japan All Cap Multi-Asset Emerging Markets Jurisdiction Specific (China, Hong Kong S.A.R., Alternatives Total Return Investment Grade India, Malaysia, Singapore, Taiwan) Middle Market Direct Lending Absolute Return Sovereign Senior Debt Relative Return Corporate Junior Debt Blended Private Equity Insurance Solutions4 Asia ALM/Asset Modeling Japan Customized Portfolio Solutions Asia Investment Grade Derivatives Solutions Asia High Yield Portfolio Optimization Asia Local Currency Portfolio Construction Multi-Sector Strategic & Tactical Asset Allocation Index Strategies Sustainable & Transition Finance Representative Capabilities3 Exhibit 99.3
Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed or advised by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional asset management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MIM manages or advises. General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s GA investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended June 30, 2026, which may be accessed through MetLife’s Investor Relations web page (https://investor.metlife.com). Neither MetLife, Inc.’s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. Cautionary Statement on Forward-Looking Statements The forward-looking statements in this fact sheet, using words such as "aim," are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. 10-27 4948020-[MIM, LLC (US)] © 2026 MetLife Investment Management Footnotes 1See Explanatory Note. MIM acquired PineBridge Investments on December 30, 2025. 2As of June 30, 2026. At estimated fair value. Excludes $15.1 billion of General Account AUM that are not managed or advised by MIM. See Explanatory Note. 3These Representative Capabilities are available from MIM and PineBridge Investments. Not all capabilities are available through all legal entities or in all jurisdictions. Further information can be found on the MIM website (https://investments.metlife.com). 4Represents advisory services which are not reflected in Total Assets Under Management. 5As of June 30, 2026. At estimated fair value. Includes $19.5 billion, $18.8 billion and $282.2 billion of Separate Account AUM, Reinsurance AUM and Third- Party AUM, respectively. At June 30, 2026, certain balances that were previously included in Third-Party AUM were reclassified to exclude them from Third- Party AUM and include them as Separate Account AUM. See Explanatory Note. 6Includes health service organizations, endowments, foundations, non-profits, family office, high net worth, fund of funds, funds, retail, supranationals and central authorities.
EX-99.4
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1 2Q26 Earnings Call Presentation1 John McCallion Chief Financial Officer and Head of MetLife Investment Management Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.
2 Page No. Key 2Q26 highlights 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & Capital 8 Appendix 9 Table of contents
3 Strong year-over-year performance, continuing to deliver on our financial commitments 2Q26 (post-tax) $ in millions $ per share4 Net Income (Loss) $705 $1.09 Adjusted Earnings $1,573 $2.43 1 Versus 2Q25. 2 Adjusted return on equity. 3 Excluding total notable items related to direct expenses and pension risk transfers (PRT). 4 The per share data for each item is calculated on a standalone basis and may not sum to the total. Key 2Q'26 highlights 12.1% Direct Expense Ratio3 17.0% Adjusted ROE2 20% Adjusted EPS growth1 On track to beat annual 12.1% target Top end of 15-17% targetWell above double-digit EPS target
4 Adjusted earnings, by segment and C&O ($ in millions - except per share data) 2Q26 2Q25 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $503 $401 25% Underwriting Margins; Volume Growth Retirement & Income Solutions 377 370 2% Recurring Interest Margins; Volume Growth VII Asia 420 346 21% 25% Equity Markets; Investment Margins; Volume Growth Latin America 268 233 15% 4% Volume Growth; Market Factors; Taxes Mexico VAT EMEA 108 100 8% 11% Volume Growth Expense Margins MetLife Investment Management 57 54 6% Volume Growth; Expense Margins Corporate & Other (160) (142) Underwriting Margins Foregone Earnings; Expense Margins Adjusted Earnings $1,573 $1,362 15% 14% Adjusted EPS $2.43 $2.02 20% 19% 1 To be discussed on MetLife, Inc.’s second quarter earnings conference call.
5 $195 $483 $497 $518 $231 2Q25 3Q25 4Q25 1Q26 2Q26 ($ in millions - pre-tax) Private Equity Other3 ¹ Quarterly target VII of $400 million, based on full-year 2026 guidance of approximately $1.6 billion, pre-tax. ² Preliminary 2Q26 VII results were projected to be approximately $220 million-$270 million, pre-tax, as disclosed in MetLife, Inc.’s Form 8-K dated June 29, 2026. ³ Other includes real estate and other funds and prepayment fees. $0 2Q26 VII below guidance1 due to lower private equity returns; In-line with preliminary disclosure2
6 VII by segment and C&O Variable investment income 2Q25 3Q25 4Q25 1Q26 2Q26 Assets2 June 30, 2026 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $5 $13 $5 $4 $0.2 1% RIS 60 146 135 131 43 5.0 27% Asia 64 139 145 183 94 8.6 48% Latin America 7 2 6 10 7 0.3 2% EMEA — — 1 1 1 0.1 —% MIM — — — — — — —% Corporate & Other 20 90 93 79 34 3.9 22% Total $154 $382 $393 $409 $183 $18.1 100% 1 Assumes a 21% U.S. statutory tax rate. 2 Related to VII. 3 Each item is calculated on a standalone basis and may not sum to the total.
7 11.7% 11.7% 12.1% FY25 2Q25 2Q26 1 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 12.1% 2026 Target 2Q26 direct expense ratio1 of 12.1%, on track to beat annual target
8 Holding Company Cash1 2Q25 3Q25 4Q25 1Q26 2Q26 Cash & Capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. 3 National Association of Insurance Commissioners. $3.0 to $4.0 Cash Buffer Capital ($ in billions) MetLife remains strongly capitalized, maintaining robust liquidity • Total cash return to shareholders of ~$1.1 billion in 2Q26 – Share repurchases of ~$700 million in 2Q26, year-to- date of ~$1.7 billion, including ~$225 million in July 2026 – Common stock dividends of ~$400 million in 2Q26 • Expected total U.S. Statutory Adjusted Capital2 on an NAIC3 basis of ~$16.4 billion at 6/30/26, up 1% from 3/31/26 • Japan Economic Solvency Ratio (ESR) expected to be at the top of a range of 170% to 190% for fiscal year ended March 31, 2026 $5.2 $4.9 $3.6 $3.4 $3.9
Appendix
10 1 As of June 30, 2026. All references to commercial mortgage loans in this earnings presentation exclude (i) commercial mortgage loans originated for third parties and (ii) commercial mortgage loans that are subject to ceded reinsurance arrangements with third parties and joint ventures. 2 As of June 30, 2026 at amortized cost. • CML has decreased 24% from $52.1B at year end 2023 to $39.6B2 • Office has decreased 25% from $19.7B at year end 2023 to $14.7B2 High quality commercial mortgage loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary markets • 69% average Loan-to-Value (LTV) Ratio and 2.1x average Debt Service Coverage Ratio (DSCR) • 77% of CML portfolio with LTVs less than or equal to 80% • 92% of CML portfolio with DSCRs greater than or equal to 1x • 83% average office LTV ratio and 1.9x average DSCR LTV and DSCR Matrix $39.6 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 53.3% 1.3% 1.4% 56.0% 65-75% 12.7% 1.6% 1.3% 15.6% 76-80% 4.6% 0.1% 0.6% 5.3% >80% 13.8% 4.9% 4.4% 23.1% Total 84.4% 7.9% 7.7% 100.0%
11 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms, are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.
12 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP and Other Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss) (i) net income (loss) available to MetLife, Inc.’s common shareholders (ii) net income (loss) per share (ii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share (iii) adjusted earnings (iii) adjusted earnings available to common shareholders (iv) adjusted earnings per share (iv) adjusted earnings available to common shareholders per diluted common share (v) book value per share (v) book value per common share (vi) adjusted book value per share (vi) adjusted book value per common share (vii) return on equity (vii) return on MetLife, Inc.’s common stockholders’ equity (viii) adjusted return on equity (viii) adjusted return on MetLife, Inc.’s common stockholders’ equity In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors’ understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted premiums, fees and other revenues (i) premiums, fees and other revenues (ii) adjusted premiums, fees and other revenues, excluding PRT (ii) premiums, fees and other revenues (iii) adjusted premiums, fees and other revenues, excluding participating contracts (iii) premiums, fees and other revenues (iv) adjusted capitalization of deferred policy acquisition costs (DAC) (iv) capitalization of DAC (v) adjusted earnings available to common shareholders (v) net income (loss) available to MetLife, Inc.’s common shareholders (vi) adjusted earnings available to common shareholders, excluding total notable items (vi) net income (loss) available to MetLife, Inc.’s common shareholders (vii) adjusted earnings available to common shareholders per diluted common share (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share (viii) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (viii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share (ix) adjusted return on equity (ix) return on equity (x) adjusted return on equity, excluding total notable items (x) return on equity (xi) adjusted other expenses (xi) other expenses (xii) adjusted other expenses, net of adjusted capitalization of DAC (xii) other expenses, net of capitalization of DAC (xiii) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (xiii) other expenses, net of capitalization of DAC (xiv) adjusted expense ratio (xiv) expense ratio (xv) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (xv) expense ratio (xvi) direct expenses (xvi) other expenses (xvii) direct expenses, excluding total notable items related to direct expenses (xvii) other expenses (xviii) direct expense ratio (xviii) expense ratio (xix) direct expense ratio, excluding total notable items related to direct expenses and PRT (xix) expense ratio (xx) future policy benefits at original discount rate (xx) future policy benefits at balance sheet discount rate (xxi) free cash flow of all holding companies (xxi) MetLife, Inc. (parent company) net cash provided by (used in) operating activities
13 MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders, on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders, on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. Explanatory Note on Non-GAAP and Other Financial Information (Continued) Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss). Any financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period’s earnings materials, which are available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
14 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: • Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance. • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”). • Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. • Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. “Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Other adjustments are made in calculating adjusted earnings: • Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures. • Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”). • Net investment income and other expenses exclude Reinsurance activity (as defined below). • Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities (“Consolidated collateralized financing entities”). • Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners. • Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives. • Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. • “Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above is calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
15 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Return on equity and related measures • Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), all net of income tax. • Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers) and total notable items, all net of income tax. • Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. Assets Under Management (“AUM”) • Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). • MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) manages or advises. • General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. • Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. ◦ Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. ◦ Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. ◦ Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
16 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Assets Under Management (Continued) • Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss. Other items The following additional information is relevant to an understanding of MetLife’s performance: • Statistical sales information: • Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. • Retirement and Income Solutions: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. • Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. • Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • PRT includes U.K. funded reinsurance. • Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals. • “Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results. • Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short-term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.
17 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q26 2Q25 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 705 $ 1.09 $ 698 $ 1.03 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (428) (0.66) (273) (0.40) Less: Net derivative gains (losses) (772) (1.19) (796) (1.18) Less: Market risk benefit remeasurement gains (losses) 270 0.42 277 0.41 Less: Other adjustments to net income (loss) (129) (0.20) (61) (0.10) Less: Provision for income tax (expense) benefit 234 0.36 195 0.29 Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 43 0.07 6 0.01 Add: Preferred stock redemption premium — — — — Adjusted earnings available to common shareholders 1,573 2.43 1,362 2.02 Less: Total notable items — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 1,573 $ 2.43 $ 1,362 $ 2.02 Adjusted earnings available to common shareholders, on a constant currency basis $ 1,573 $ 2.43 $ 1,375 $ 2.04 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,573 $ 2.43 $ 1,375 $ 2.04 constant currency basis Weighted average common shares outstanding - diluted 646.9 675.0 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
18 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q26 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 503 $ 377 $ 420 $ 268 $ 108 $ 57 $ (160) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 503 $ 377 $ 420 $ 268 $ 108 $ 57 $ (160) Adjusted earnings available to common shareholders, on a constant currency basis $ 420 $ 268 $ 108 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 420 $ 268 $ 108 2Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 401 $ 370 $ 346 $ 233 $ 100 $ 54 $ (142) Less: Total notable items — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 401 $ 370 $ 346 $ 233 $ 100 $ 54 $ (142) Adjusted earnings available to common shareholders, on a constant currency basis $ 337 $ 258 $ 97 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 337 $ 258 $ 97 1Results on a constant currency basis are not included as constant currency impact is not significant.
19 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY25 2Q25 2Q26 (In millions) Premiums, fees and other revenues $ 57,609 $ 12,748 $ 13,652 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 256 42 131 Other (63) (16) (3) Divested businesses 8 3 — Adjusted premiums, fees and other revenues $ 57,408 $ 12,719 $ 13,524
20 Expense Detail and Ratios FY25 2Q25 2Q26 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,219) $ (787) $ (950) Less: Divested businesses — — — Adjusted capitalization of DAC $ (3,219) $ (787) $ (950) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 13,904 $ 3,309 $ 3,914 Less Adjustments to other expenses: Reinsurance activity 388 45 201 Other 57 21 48 Divested businesses 36 7 7 Adjusted other expenses $ 13,423 $ 3,236 $ 3,658 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 10,685 $ 2,522 $ 2,964 Premiums, fees and other revenues $ 57,609 $ 12,748 $ 13,652 Expense ratio 18.5 % 19.8 % 21.7 % Direct expenses $ 5,875 $ 1,445 $ 1,580 Less: Total notable items related to direct expenses 40 — — Direct expenses, excluding total notable items related to direct expenses $ 5,835 $ 1,445 $ 1,580 Adjusted other expenses $ 13,423 $ 3,236 $ 3,658 Adjusted capitalization of DAC (3,219) (787) (950) Adjusted other expenses, net of adjusted capitalization of DAC $ 10,204 $ 2,449 $ 2,708 Less: Total notable items related to adjusted other expenses 183 — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 10,021 $ 2,449 $ 2,708 Adjusted premiums, fees and other revenues $ 57,408 $ 12,719 $ 13,524 Less: PRT 7,569 328 510 Adjusted premiums, fees and other revenues, excluding PRT $ 49,839 $ 12,391 $ 13,014 Direct expense ratio 10.2 % 11.4 % 11.7 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.7 % 11.7 % 12.1 % Adjusted expense ratio 17.8 % 19.3 % 20.0 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.1 % 19.8 % 20.8 %
21 Equity Details 1Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to reinsurers. 2Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. 2Q26 (In millions, except ratio data) Equity Details Total MetLife, Inc.'s stockholders' equity $ 27,441 Less: Preferred stock 2,830 MetLife, Inc.'s common stockholders' equity 24,611 Less: Unrealized investment gains (losses), net of related offsets and income tax (18,677) Deferred gains (losses) on derivatives, net of income tax (1,325) Future policy benefits discount rate remeasurement gains (losses), net of income tax 9,064 Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax (80) Defined benefit plans adjustment, net of income tax (1,357) Embedded derivatives - funds withheld on ceded reinsurance, net of income tax (1) 180 Total MetLife, Inc.'s adjusted common stockholders' equity 36,806 Less: Accumulated year-to-date total notable items, net of income tax (2) — Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) $ 36,806 Average Common Stockholders' Equity Average common stockholders' equity $ 24,553 Average adjusted common stockholders' equity $ 36,947 Average adjusted common stockholders' equity, excluding total notable items (2) $ 36,947 Return on Equity Return on MetLife, Inc.'s: Common stockholders' equity 11.5 % Adjusted return on MetLife, Inc.'s: Adjusted common stockholders' equity 17.0 % Adjusted common stockholders' equity, excluding total notable items (2) 17.0 %
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v3.26.1
Document and Entity Information Document
Aug. 05, 2026
Entity Information [Line Items]
Document Type
8-K
Document Period End Date
Aug. 05, 2026
Entity Registrant Name
METLIFE, INC.
Entity Central Index Key
0001099219
Amendment Flag
false
Entity Incorporation, State or Country Code
DE
Entity File Number
1-15787
Entity Tax Identification Number
13-4075851
Entity Address, Address Line One
200 Park Avenue,
Entity Address, City or Town
New York,
Entity Address, State or Province
NY
Entity Address, Postal Zip Code
10166-0188
City Area Code
212
Local Phone Number
578-9500
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Common Stock
Entity Information [Line Items]
Title of 12(b) Security
Common Stock, par value $0.01
Trading Symbol
MET
Security Exchange Name
NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Floating Rate Non-Cumulative Preferred Stock,Series A, par value $0.01
Trading Symbol
MET PRA
Security Exchange Name
NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares, each representing a 1/1,000thinterest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Trading Symbol
MET PRE
Security Exchange Name
NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F
Trading Symbol
MET PRF
Security Exchange Name
NYSE
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